Reps order CBN to stop cybersecurity levy

The House of Representatives on Thursday ordered the Central Bank of Nigeria, CBN, to stop the implementation of the cybercrime levy forthwith.

It said the directive was in compliance with the provisions of the cybercrime Act, adding that Nigerians could misinterpret the circular by the CBN, which contravenes the spirit and letters of section 44(2a) of the cybercrime Act which is specific on those that should pay the levy.

Adopting a motion of urgent public importance moved by Minority Leader, Kingsley Chinda (PDP, Rivers) on behalf of the entire lawmakers, the House directed the CBN to immediately withdraw its earlier circular on the implementation of the levy and issue another circular in accordance with the provisions of the Act.

According to Chinda, section 44(2a) of the cybercrime act listed those to pay the stipulated fees as GSM and telecom companies, Internet providers, Banks and other financial institutions, insurance companies and Stocks Exchange.

The lawmaker noted, however that the CBN circular has been variously interpreted and raised fears across the country, having given the impression that the levy is to be paid by Nigerians in a period the people are struggling to overcome the effect of the removal of petroleum subsidy and its associated multiple teething challenges.