In a significant development, the House of Representatives has instructed the Central Bank of Nigeria (CBN) to cease the implementation of the cybercrime levy immediately, aligning with the provisions outlined in the cybercrime Act.
The directive, issued on Thursday, aims to address concerns over the potential misinterpretation of the CBN’s circular, which deviates from the essence and specifics of section 44(2a) of the cybercrime Act, detailing the entities liable to pay the levy.
The decision came following the presentation of a motion of urgent public importance by Minority Leader Kingsley Chinda (PDP, Rivers) on behalf of the entire legislative body.
Furthermore, the House called upon the Central Bank to retract its initial circular regarding the levy’s implementation and issue a revised directive in accordance with the Act’s stipulations.
Chinda emphasized that section 44(2a) of the cybercrime Act explicitly designates GSM and telecom companies, internet providers, banks, financial institutions, insurance companies, and stock exchanges as the entities obligated to pay the prescribed fees.
He highlighted the widespread apprehension provoked by the CBN circular, which erroneously implied that the levy would burden ordinary Nigerians, particularly amidst economic challenges such as the rise in petroleum product prices.
The lawmaker underscored the varied interpretations surrounding the CBN’s circular, emphasizing the need for clarity and adherence to the legislative framework.
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