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FEC Confirms Suspension Of 0.5% CyberSecurity Levy

The Federal Government has decided to suspend the controversial cybersecurity levy on electronic banking transactions. This decision was announced after the Federal Executive Council (FEC) meeting in Abuja.

Minister of Information and National Orientation, Mohammed Idris, confirmed the suspension, emphasizing that the president is attentive to the concerns of Nigerians and that the policy is currently under review.

Additionally, Minister of Finance and Coordinating Minister of the Economy, Wale Edun, revealed that President Bola Tinubu directed that memos seeking to procure petrol-dependent vehicles should no longer receive approval. Furthermore, Minister of Aviation and Aerospace Management, Festus Keyamo, shared that toll-gate payment for access into all federal airports across the country has been approved.

This means that everyone visiting the nation’s airports, including VIPs and foreigners, will now be required to pay the access fee.Moreover, the Council approved the purchase and installation of Recovery Systems equipment worth 4.2 billion naira.

In another development, the Minister of Communications and Digital Economy, Bosun Tijani, announced the suspension of the 0.5 percent cybersecurity levy on electronic banking transactions.

This levy, set at 0.5 percent of the value of each electronic transaction, was introduced in response to concerns about cyber threats and aligns with the Cybercrime (Prohibition, Prevention, etc.) (Amendment) Act 2024.These decisions reflect the government’s responsiveness to public feedback and its commitment to ensuring transparency and efficiency in various sectors, including finance, transportation, and digital services.

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