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The House of Representatives to Prevent CBN from implementing the proposed cybercrime levy.

The House of Representatives has taken a stand against the cybercrime levy initiated by the Central Bank of Nigeria (CBN), directing the bank to halt its implementation immediately. This decision aligns with the requirements set forth in the cybercrime Act.

During a session on Thursday, the House criticized the CBN’s circular as being unclear and potentially misleading for Nigerians.

They noted that the circular violated section 44(2a) of the cybercrime Act, which clearly defines the entities responsible for paying the levy, including GSM and telecom companies, Internet service providers, banks, financial institutions, insurance companies, and the stock exchange.

This action followed a motion of urgent public importance introduced by Minority Leader Kingsley Chinda (PDP, Rivers) on behalf of all lawmakers. In response, the House has demanded that the CBN withdraw its existing circular and issue a new one that accurately reflects the law’s stipulations.

Chinda highlighted the public’s growing concern over the circular, as it seemed to imply that the levy would be a burden on ordinary Nigerians, already struggling with rising fuel prices and other economic challenges. The ambiguity of the circular has led to various interpretations, adding to the uncertainty and apprehension among the public.

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