Tinubu Steps In: CBN Instructed to Hold Off on Cybersecurity Levy

In a significant development, Bola Tinubu, a prominent political figure, has reportedly intervened to stall the rollout of the cybersecurity levy, according to sources cited by Punch.

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Tinubu Steps In: CBN Instructed to Hold Off on Cybersecurity Levy

Tinubu, known for his astute political acumen, has purportedly directed the Central Bank of Nigeria (CBN) to defer the introduction of the levy, demonstrating a keen awareness of public sentiment and the potential impact on citizens.

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A confidential source revealed, “The President is attuned to the concerns of Nigerians and is reluctant to impose additional financial burdens on them. Consequently, he has instructed the CBN to suspend the implementation of this policy and undertake a thorough review.”

Highlighting the historical context, the source pointed out that the legislation mandating the levy was enacted in 2015 during the administration of former President Goodluck Jonathan. However, its enforcement has been deferred until now.

The source emphasized Tinubu’s detachment from the initial directive’s circulation, underlining his commitment to avoiding any perception of insensitivity. Notably, the CBN has complied with the directive to refrain from instructing banks to levy charges on customers.

“The President’s intent is not merely to impose taxes on Nigerians without due consideration. He has emphasized the need for a comprehensive review of the existing law,” the source added.

This move reflects Tinubu’s proactive approach to governance, prioritizing public welfare and aligning policies with the aspirations of the Nigerian populace

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