Reps suspend implementation of cybersecurity levy

Leah TwakiMay 9, 20242 min

The House directed the CBN to withdraw the ambiguous 0.5% cybersecurity levy.

The House of Representatives has directed the Central Bank of Nigeria (CBN) to suspend the implementation of the cybersecurity levy recently introduced.

The House expressed concerns that the bank’s directive could be misunderstood by the public thereby making them kick against the Cybercrime Act.

The house said it was further worried that this is coming at a time when Nigerians are experiencing the aftermath of multiple removal of subsidies from petroleum, electricity and the rising inflation.

This resolution was a sequel to a motion of urgent public importance moved by the Minority Leader of the House, Rep. Kingsley Chinda (PDP, Rivers), on Thursday.

OrderPaper recalls that a circular released by the CBN on Monday said the implementation of the levy would begin two weeks from the day of its announcement. The circular was directed to all commercial, merchant, non-interest and payment service banks.

According to the CBN, the directive is in line with the recent amendment to the Cybercrime (Prohibition, Prevention, etc) (Amendment) Act 2024.

Chinda, in his lead debate on the motion, said the Cybercrime Act is implemented wrongly by the CBN as it contradict the specific criteria outlined in section 44(2a) of the Act, which clearly defines who should be responsible for paying the levy.

The House however directed the CBN to withdraw the ambiguous circular and task the House Committees on Banking Regulations, and Banking and other Ancillary Institutions to guide the Central Bank of Nigeria properly.

Leah Twaki

A Chemistry graduate, excels as a social media manager, digital journalist, and content creator with an interdisciplinary skills blend of science and communication.

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