The House of Representatives has instructed the Central Bank of Nigeria to immediately suspend the implementation of the cybercrime levy to comply with the provisions of the Cybercrime Act.
The House stated on Thursday that the circular issued by the CBN could be misinterpreted by Nigerians, as it goes against the spirit and letter of section 44(2a) of the Cybercrime Act, which specifies who should pay the levy.
The decision came after the adoption of a motion of urgent public importance brought forward by Minority Leader, Kingsley Chinda (PDP, Rivers), on behalf of all lawmakers.
The House urged the Central Bank to retract its previous circular on the levy’s implementation and to issue a new circular in accordance with the Act.
Chinda pointed out that section 44(2a) of the Cybercrime Act identifies the entities required to pay the prescribed fees as GSM and telecom companies, internet service providers, banks and other financial institutions, insurance companies, and stock exchanges.
He further explained that the CBN’s circular had caused concern nationwide, giving the impression that the levy was to be paid by Nigerians at a time when they were still grappling with the rising prices of petroleum products and other essentials.
Chinda emphasized that the CBN’s circular had been subject to various interpretations.