BREAKING: Reps Make U-Turn Halt Cybercrime Levy Implementation

• Reps instructs CBN to halt cybercrime levy implementation.

• Minority Leader, Kingsley Chinda, moves urgent motion; House demands CBN withdraw circular.

• Circular causes confusion; Nigerians apprehensive; levy intended for specific entities as per Act.

EKO HOT BLOG reports that the House of Representatives has instructed the Central Bank of Nigeria (CBN) to promptly cease the implementation of the cybercrime levy, aligning with the provisions of the Cybercrime Act.

The House emphasized that the CBN’s circular could be misconstrued by Nigerians, as it contradicts the essence and specifics outlined in section 44(2a) of the Cybercrime Act, which delineates the levy’s intended payers.

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It adopted a motion of urgent public importance moved by Minority Leader, Kingsley Chinda (PDP, Rivers) on behalf of the entire lawmakers.

The House asked the Central Bank to immediately withdraw its 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 and telecom companies, Internet providers, Banks and other financial institutions, insurance companies and Stocks Exchange.

Cybercrime Levy Implementation

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 increase in price of petroleum products among others.

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

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