House of Representatives has instructed the Central Bank of Nigeria to suspend the implementation of the cybercrime levy it recently introduced.
The House expressed concerns that the bank's directive could be misunderstood by the public and go against the Cybercrime Act.
The House has underscored that the levy introduced by the bank is in direct contradiction to the specific criteria outlined in section 44(2a) of the Act, which clearly defines who should be responsible for paying such a levy.
Following a motion presented by Minority Leader Kingsley Chinda, the House urgently called for the withdrawal of the bank's initial circular on the levy and requested the issuance of a new circular by the Act's provisions.
Chinda stated that according to section 44(2a) of the Cybercrime Act, entities such as GSM and telecom companies, internet providers, banks, financial institutions, insurance companies, and stock exchanges are required to pay specified fees.
He clarified that a circular from the CBN has caused concern nationwide, suggesting that the levy is to be borne by Nigerians at a time when they are already grappling with rising fuel prices and other challenges.
He added that the CBN circular has been subject to various interpretations.
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