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

The Nigerian government on Tuesday announced the suspension of the proposed cybersecurity levy following widespread public outcry.

The Central Bank of Nigeria (CBN) had earlier issued a circular to various financial institutions, including commercial, merchant, non-interest, and payment service banks, announcing the 0.5% cybersecurity levy.

The Minister of Information and National Orientation, Mohammed Idris, made the announcement while briefing State House Correspondents after the Federal Executive Council (FEC) meeting in Abuja on Tuesday.

He stated that the policy had been put on hold and is undergoing review.

"The position of the government is that the 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," the minister said.

The decision to suspend the cybersecurity levy comes in response to concerns raised by various stakeholders regarding its timing and potential impact on Nigerians.

The minister emphasised that the matter was discussed during the FEC meeting and will continue to be reviewed in subsequent sessions.

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

The announcement brings temporary relief to Nigerian households and businesses who were apprehensive about the implications of the levy.

The Socio-Economic Rights and Accountability Project (SERAP) and the Nigeria Labour Congress had earlier called for the withdrawal of the directive.

The Nigerian Economic Summit Group, amongst others, also urged the federal government to reconsider the levy due to concerns over multiple taxation and inflationary pressures burdening Nigerians.