The House of Representatives has directed the Central Bank of Nigeria, CBN to halt the implementation of the cybercrime levy in compliance with the provisions of the cybercrime Act.
This followed the adoption of a motion of urgent public importance moved by Minority Leader Kingsley Chinda, PDP Rivers.
Chinda said section 44 (2a) of the Cybercrime Act listed those to pay the stipulated fees as GSM and telecom companies, Internet providers, Banks and other financial institutions, insurance companies and stock exchange.
The lawmaker explained that the circular from the CBN has raised apprehension across Nigeria, stressing that it has given the impression that the levy is to be paid by Nigerians in an era when they are still battling with an increase in the price of petroleum products, among others.
The House subsequently asked the apex bank to withdraw its earlier circular on implementing the levy immediately and issue another circular in line with the provisions of the Act.
The CBN on the 6th of May, 2024, issued a circular mandating all banks, mobile money operators, and payment service providers, to implement a new cybersecurity levy, following the provisions laid out in the Cybercrime (Prohibition, Prevention, etc.) Amendment Act 2024 (“the Act”).
According to the Act, a levy amounting to 0.5 per cent of the value of all electronic transactions, will be collected and remitted to the National Cybersecurity Fund (NCF), overseen by the Office of the National Security Adviser
Reps Order CBN To Halt Implementation Of Cybersecurity Levy
