House of Representatives Puts a Stop to Cybercrime Levy Implementation

The House of Representatives, under the leadership of Tajudeen Abbas, has directed the Central Bank of Nigeria (CBN) to halt the implementation of the cybercrime levy immediately.

This directive comes in response to a circular issued by the CBN, which the House believes is prone to misinterpretation by Nigerians and contradicts the provisions of the cybercrime Act.

The House emphasized that the circular from the CBN goes against the spirit and letter of section 44 (2a) of the cybercrime Act, which specifies the entities expected to pay the levy.

As a result, the House called for the immediate cessation of the implementation of the levy to ensure compliance with the provisions of the cybercrime Act.

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The House of Representatives, responding to a motion of urgent public importance raised by Minority Leader Kingsley Chinda, has called on the Central Bank of Nigeria (CBN) to withdraw its earlier circular regarding the implementation of the cybercrime levy. Representing the concerns of the entire assembly, Chinda emphasized the need for the CBN to issue a new circular in accordance with the provisions of the cybercrime Act.

Chinda pointed out that section 44(2a) of the cybercrime Act specifies the entities required to pay the stipulated fees, including GSM and telecom companies, Internet providers, banks and other financial institutions, insurance companies, and the Stock Exchange.

He highlighted that the CBN’s circular has caused widespread apprehension among Nigerians, as it gives the impression that the levy is to be paid by individuals at a time when they are already grappling with increased prices of petroleum products, among other challenges.

The lawmaker further noted that the CBN circular has been subject to various interpretations, leading to confusion and concerns among the populace.