During its session on Thursday, the House of Representatives instructed the Central Bank of Nigeria (CBN) to cease the enactment of the cybercrime levy as mandated by the cybercrime Act.
This decision was reached after the adoption of a critical motion put forward by Minority Leader Kingsley Chinda of the PDP representing Rivers State.
Chinda highlighted that the Cybercrime Act’s section 44 (2a) outlines the entities required to remit the specified fees, including GSM and telecom companies, Internet service providers, financial institutions such as banks, insurance firms, and the stock exchange.
Expressing concerns, the lawmaker emphasized that the CBN’s circular had triggered anxiety nationwide, giving the impression that the levy would burden Nigerians amidst ongoing challenges such as the recent increase in fuel prices.
Consequently, the House directed the CBN to retract its initial circular on levy implementation promptly and issue a revised one aligning with the Act’s provisions.