Reps halt implementation of cybersecurity levy
The House of Representatives has instructed the Central Bank of Nigeria (CBN) to suspend the enforcement of the cybercrime levy to comply with the regulations outlined in the Cybercrime Act.
This decision came after Minority Leader Kingsley Chinda of the PDP Rivers moved a motion of urgent public importance, urging for immediate action.
Chinda cited section 44 (2a) of the Cybercrime Act, which specifies the entities required to pay the designated fees, including GSM and telecom companies, internet service providers, banks, financial institutions, insurance companies, and stock exchanges.
The lawmaker expressed concerns over the circular issued by the CBN, which has caused unease nationwide, particularly given the impression that Nigerians would bear the levy amidst ongoing economic challenges, such as the recent rise in petroleum product prices.
Consequently, the House called on the CBN to retract its initial circular regarding the levy’s implementation and issue a new circular aligning with the provisions of the Cybercrime Act.
