The lower chamber of the National Assembly, House of Representatives, has directed the Central Bank of Nigeria (CBN) to immediately halt the implementation of the cybercrime levy introduced by the apex bank in compliance with the provisions of the cybercrime Act.
The House said the circular by the apex bank was prone to misinterpretation by Nigerians as it negates the spirit and letters of section 44(2a) of the cybercrime Act which specify those who are expected to pay the levy.
Adopting a motion of urgent public importance moved by Minority Leader, Kingsley Chinda (PDP, Rivers) on behalf of the entire members, the House asked the Central Bank to immediately withdraw it’s earlier circular on the implementation of the levy and issue another circular in love with the provisions of the Act.
Chinda said section 44(2a) of the cybercrime act listed those to pay the stipulated fees as GSM abd telecom companies, Internet providers, Banks and other financial institutions, insurance companies and Stocks Exchange.
Recall, the introduction of 0.5% Cybersecurity levy by the Central Bank of Nigeria (CBN), has generated a lot of argument from different quarters across the country, the 2023 presidential candidate of Labour Party (LP), Peter Obi perceived the new levy as a way of milking the dying economy.
