Nigeria suspends cybersecurity levy

Nigeria has decided to suspend the proposed cybersecurity levy on domestic money transfers, as announced by Information Minister Mohammed Idris. The government has directed the implementation of the levy to be put on hold, local media reported.

Idris explained that the new levy was intended as part of efforts to crack down on cryptocurrency, which has been blamed for causing weakness in Nigeria’s currency.

In response to concerns raised by civil society groups, including the Nigerian Economic Summit Group (NESG), the government has decided to reconsider the cybersecurity levy. The NESG expressed worries about the timing of the recently introduced levy, citing concerns over multiple taxation and inflationary pressures on Nigerians.

The group highlighted that amidst rising inflation and financial exclusion, the timing of the cybersecurity levy is inappropriate given the current cost of living crisis and increased currency circulation.