BREAKING: House of Reps Halts Cybersecurity Levy by CBN, Details Emerge

The House of Representatives on Thursday, May 9, 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 apex bank’s circular was prone to misinterpretation by Nigerians as it negates the spirit and letters of section 44(2a) of the Cybercrime Act, which specifies who is 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 its earlier circular on the implementation of the levy and issue another circular in accordance with the provisions of the Act.

Chinda said section 44(2a) of the Cybercrime Act listed those who must pay the stipulated fees as GSM and telecom companies, Internet providers, Banks and other financial institutions, insurance companies, and Stock Exchanges.

He explained that the circular from the CBN has raised apprehension across the country as it has given the impression that the levy is to be paid by Nigerians in an era when they are still battling with an increase in the price of petroleum products among others.

He said further that the CBN circular has been subjected to several interpretations.

Source: TheTalk.NG

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