According to reports, President Bola Ahmed Tinubu has purportedly directed the Central Bank of Nigeria to halt the enforcement of the contentious cybersecurity levy policy following widespread disapproval from Nigerians.

A Sunday report cited presidential sources revealing Tinubu's stance on the cybersecurity levy.

This action came after the House of Representatives, on Thursday, urged the CBN to retract its directive instructing all financial institutions to levy a 0.5 percent cybersecurity charge on electronic transactions nationwide.

On May 6, 2024, the CBN issued a circular mandating banks, mobile money operators, and payment service providers to implement the new cybersecurity levy.

However, the levy faced criticism from various quarters including Nigerians, the Nigerian Labour Congress (NLC), and the Centre for the Promotion of Private Enterprises (CPPE).

The NLC opposed the levy, stating that it would exacerbate economic hardships for Nigerians. Similarly, CPPE, through its director, Dr. Muda Yusuf, called for its suspension, citing insensitivity during a period of severe economic challenges for Nigerians.