President Bola Tinubu has suspended the 0.5 per cent cybersecurity levy on electronic transactions in the country.

Minister of Information and National Orientation, Mohammed Idris, made this known while speaking to journalists after the Federal Executive Council (FEC) meeting at the Presidential Villa in Abuja on Tuesday.

Idris disclosed that Tinubu directed the Central Bank of Nigeria (CBN) to suspend the implementation and review the modalities for the implementation of the cybersecurity levy.

The minister added that the levy was thoroughly discussed at the FEC meeting, adding that the policy is undergoing review.

"The position of the government is that that policy has been suspended. It has been put on hold. That is the position of the government for now. It is undergoing some form of review. It was reiterated in council (FEC meeting) yesterday. You know that today's council (meeting) is a continuation of the council meeting of yesterday," the minister said.

"So, I can tell you that the cybersecurity levy has been put on hold. It is being reviewed by the government."

The apex bank had mandated banks, mobile money operators and payment service providers to implement the levy as contained in the Cybercrime (Prohibition, Prevention, etc) (Amendment) Act 2024.

All electronic transactions were expected to attract a levy of 0.5 per cent.

The money was to be remitted to the National Cybersecurity Fund overseen by the Office of the National Security Adviser (NSA).

Nigerians had rejected it, accusing the government of not being sensitive to their plight.

The House of Representatives also asked the CBN to withdraw its directive to all banks on the controversial levy.