Today, the House of Representatives issued a directive to the Central Bank of Nigeria (CBN) to promptly suspend the implementation of the cybercrime levy recently introduced by the apex bank, aligning with the stipulations of the cybercrime Act.

The House highlighted concerns regarding the circular issued by the apex bank, noting its potential for misinterpretation among Nigerians and its contradiction with the provisions outlined in section 44(2a) of the cybercrime Act, which clearly delineate the entities responsible for paying the levy.

Upon the adoption of a motion of urgent public importance presented by Minority Leader Kingsley Chinda (PDP, Rivers) on behalf of all members, the House instructed the Central Bank to retract its initial circular concerning the levy’s implementation and issue a new directive in accordance with the provisions of the Act.

China clarified that section 44(2a) of the cybercrime Act specifies GSM and telecom companies, internet providers, banks, financial institutions, insurance companies, and stock exchanges as the entities liable for paying the prescribed fees.

He emphasized that the CBN’s circular has caused widespread concern nationwide, creating the impression that the levy is to be borne by Nigerians amidst ongoing economic challenges such as the rising cost of petroleum products.

Furthermore, he noted that the CBN circular has been subject to various interpretations, adding to the confusion surrounding its implementation.

Details later…

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