The House of Representatives has instructed the Central Bank of Nigeria (CBN) to suspend the implementation of the cybercrime levy introduced by the apex bank. The House argued that the CBN's circular could be misinterpreted by the public and contradicts the cybercrime Act's provisions.
During a session led by Minority Leader Kingsley Chinda (PDP, Rivers), the House unanimously agreed to demand the withdrawal of the CBN's circular on the levy. They urged the CBN to issue a new circular in line with the Cybercrime Act's stipulations, which specify that GSM and telecom companies, internet providers, banks, financial institutions, insurance companies, and the stock exchange should pay the levy.
Chinda emphasized that the circular had caused concern among Nigerians, as it gave the impression that the levy would be imposed on them during a period of economic challenges, including the recent increases in the price of petroleum products.
He stated, "The CBN circular mandates all Banks, Other Financial Institutions, and Payment Service Providers to implement the Cybercrimes Act by applying the levy at the point of electronic transfer origination as 'Cybersecurity Levy' and remitting the same." However, he noted that this contradicts the Cybercrime Act, which specifies the businesses that should be levied, not bank customers or Nigerians in general.
The House's directive aims to prevent the erroneous implementation of the Cybercrime Act amidst ongoing economic challenges faced by Nigerians.
