{"id":8366,"date":"2024-05-17T00:05:50","date_gmt":"2024-05-17T00:05:50","guid":{"rendered":"https:\/\/sotnews.agency\/?p=8366"},"modified":"2024-05-17T00:05:50","modified_gmt":"2024-05-17T00:05:50","slug":"nigeria-tinubu-suspends-0-5-planned-e-levy-after-public-outcry","status":"publish","type":"post","link":"https:\/\/sotnews.agency\/?p=8366","title":{"rendered":"Nigeria: Tinubu suspends 0.5% planned \u2018e-levy\u2019 after public outcry"},"content":{"rendered":"
\n
\n \t<\/i> Read Time:<\/span>2 Minute, 13 Second <\/div>\n\n <\/div>

Nigeria\u2019s President Bola Tinubu has suspended a planned levy on electronic banking transactions following\u00a0widespread public criticism of the scheme, Information Minister Mohammed Idris said.<\/strong><\/p>\n

According to a BBC<\/em> report, the Central Bank of Nigeria (CBN) had last week told financial institutions to charge 0.5% of the value of electronic transfers to raise money for enhancing cybersecurity in the country.<\/p>\n

The levy was to start in two weeks.<\/p>\n

\u201cThe cybersecurity tax policy implementation has been directed by the government to be put on hold, so it has been suspended,\u201d Mr Idris told reporters on Tuesday following a cabinet meeting in the capital, Abuja.<\/p>\n

President Tinubu directed the Central Bank of Nigeria (CBN) to review the modalities for its implementation, the minister added.<\/p>\n\n

Many Nigerians had condemned the planned levy, with some saying it would push them back to using cash.<\/p>\n

Nigerian boxer dies after first professional fight<\/a><\/p>\n

But Mr Idris said that the president was not insensitive to the feelings of Nigerians.<\/p>\n

Nigeria is experiencing its worst economic crisis in a generation and many people said the levy would cause further hardship as they struggle to afford basic items.<\/p>\n

Citizens reject cybersecurity levy<\/strong><\/h6>\n
\n

Nigeria is experiencing its worst economic crisis in a generation and many people say the levy will cause further hardship as they struggle to afford basic items.<\/p>\n

Dr Abdulrazaq Fagge, who teaches economics at Yusuf Maitama University, tells the BBC this is a wrong move by the government that will have negative effects on Nigeria\u2019s struggling economy.<\/p>\n<\/div>\n

\n

\u201cIt is not only bad timing but a wrong move altogether as no government should put [an] additional burden on its citizens at a time they are struggling to get by,\u201d he says.<\/p>\n

The lecturer says the money should be paid by banks as they make huge profits.<\/p>\n

Bread seller Abubakar Sheka says he has already made up his mind to avoid electronic banking transactions by the time the levy starts on 20 May.<\/p>\n

I will abolish e-levy as President \u2013 Bawumia hints<\/a><\/p>\n\n

\u201cThere is no way I will agree to be giving 0.5 percent on my transfers when I earn very little, many people don\u2019t buy bread now and business is fragile.<\/p>\n

\u201cWhy will this government further make us cry with this despite what we are already going through with high cost of food and fuel?\u201d<\/p>\n

Also, the Nigeria Labour Congress, which represents the country\u2019s workers, released a statement rejecting the levy, while the Socio-Economic Rights and Accountability Project (Serap) lobby group has threatened to sue the government.<\/p>\n<\/div>\n

Source: BBC<\/h6>\n

The post Nigeria: Tinubu suspends 0.5% planned \u2018e-levy\u2019 after public outcry<\/a> first appeared on 3News<\/a>.<\/p>

\n
\n \n
\n \n \"Happy\"\n <\/a>\n
\n Happy <\/div>\n
\n 0<\/span>\n \n 0<\/span> %<\/span>\n <\/div>\n <\/div>\n\n
\n \n \"Sad\"\n <\/a>\n
\n Sad <\/div>\n
\n 0<\/span>\n 0<\/span> %<\/span>\n <\/div>\n <\/div>\n\n
\n \n \"Excited\"\n <\/a>\n
\n Excited <\/div>\n
\n 0<\/span>\n 0<\/span> %<\/span>\n <\/div>\n <\/div>\n\n
\n \n \"Sleepy\"\n <\/a>\n
\n Sleepy <\/div>\n
\n 0<\/span>\n \n 0<\/span> %<\/span>\n <\/div>\n <\/div>\n\n
\n \n \"Angry\"\n <\/a>\n
Angry<\/div>\n
\n 0<\/span>\n 0<\/span> %<\/span>\n \n <\/div>\n <\/div>\n\n
\n \n \"Surprise\"\n <\/a>\n
Surprise<\/div>\n
\n 0<\/span>\n 0<\/span> %<\/span>\n <\/div>\n <\/div>\n\n <\/div>\n <\/div>\n\n ","protected":false},"excerpt":{"rendered":"

Nigeria\u2019s President Bola Tinubu has suspended a planned levy on electronic banking transactions following\u00a0widespread public criticism of the scheme, Information Minister Mohammed Idris said. According to a BBC report, the… <\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"rop_custom_images_group":[],"rop_custom_messages_group":[],"rop_publish_now":"initial","rop_publish_now_accounts":{"facebook_2277560469115098_106292521332774":"","twitter_aToxNzczMzI3Njk4OTg4ODUxMjAxOw==_1773327698988851200":""},"rop_publish_now_history":[],"rop_publish_now_status":"pending","_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[1],"tags":[],"class_list":["post-8366","post","type-post","status-publish","format-standard","hentry","category-blog"],"aioseo_notices":[],"_links":{"self":[{"href":"https:\/\/sotnews.agency\/index.php?rest_route=\/wp\/v2\/posts\/8366","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/sotnews.agency\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/sotnews.agency\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/sotnews.agency\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/sotnews.agency\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=8366"}],"version-history":[{"count":0,"href":"https:\/\/sotnews.agency\/index.php?rest_route=\/wp\/v2\/posts\/8366\/revisions"}],"wp:attachment":[{"href":"https:\/\/sotnews.agency\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=8366"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/sotnews.agency\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=8366"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/sotnews.agency\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=8366"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}