Details emerged over the weekend regarding President Bola Tinubu’s directive to suspend the implementation of the cybersecurity levy policy. According to a reliable source within the presidency, President Tinubu instructed the Office of the National Security Adviser (ONSA) to halt the policy’s implementation due to procedural issues.
The source clarified that the National Security Adviser (NSA) did not obtain proper approval before initiating the implementation of the provision outlined in the Cybersecurity Act.
President Tinubu, being cognizant of the country’s current economic challenges, expressed concern about imposing additional taxes on Nigerians and thus directed the ONSA to suspend the implementation until proper procedures were followed.
President Tinubu’s decision to suspend the policy came amid widespread public backlash and calls from the National Assembly for its suspension.
Confirming the development, a presidency source, speaking anonymously to The Nation, emphasized that the implementation or suspension of the policy fell under the jurisdiction of the ONSA, with the Central Bank of Nigeria (CBN) playing an intermediary role.
The source reiterated that President Tinubu’s directive aimed to alleviate economic burdens on Nigerians, emphasizing that proper consultations and approvals were necessary, especially considering the current economic climate.
Contrary to misconceptions, the source clarified that President Tinubu did not order the CBN to stop the implementation, as the decision rested with the ONSA. The CBN had issued a circular on May 6, 2024, informing financial institutions about the impending implementation of the National Cybersecurity Fund (NCF), to be administered by the ONSA.
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Meanwhile, addressing concerns surrounding the cybersecurity levy, Chairman of the Presidential Fiscal Policy and Tax Reforms Committee, Taiwo Oyedele, acknowledged that the Cybersecurity Act originated in 2015 and assured that the committee was working to address issues related to old laws.
Oyedele highlighted ongoing efforts to streamline taxes, improve fiscal systems, and prioritize spending to benefit the majority of the population. He expressed optimism about the positive direction of fiscal reforms to address pressing issues.
