The House of Representatives on Thursday, 9th of May 2024 called upon the Central Bank of Nigeria (CBN) to suspend the enforcement of the recently proposed cybercrime levy. This directive aligns with the stipulations of the existing cybercrime Act, ensuring regulatory compliance and public interest safeguarding.
The action was sparked by a motion of urgent public importance introduced by Minority Leader Kingsley Chinda of the PDP, representing Rivers. Chinda highlighted concerns regarding Section 44 (2a) of the Cybercrime Act, which designates GSM and telecom companies, Internet service providers, banks, financial institutions, insurance companies, and the stock exchange as the entities responsible for the levy.
The issuance of a circular by the CBN regarding the levy implementation has stirred widespread alarm among Nigerians. According to Chinda, there is a growing perception that the financial burden of the levy would fall on the shoulders of the citizens at a time when they are already grappling with the economic implications of increased petroleum product prices, among other financial pressures.
Responding to the concerns raised, the House urged the CBN to promptly retract its initial circular regarding the levy. It also called for the issuance of a new circular that accurately reflects the directives and provisions outlined in the Cybercrime Act, ensuring clear communication and adherence to legislative intent.
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Last modified: May 10, 2024
