May 9, 2024

By Kelechukwu Mgboji InvestAdvocate

Lagos (INVESTADVOCATE)-
Nigeria’s lower legislature, House of Representatives, on Thursday, directed the Central Bank of Nigeria (CBN), to immediately halt the implementation of its proposed Cyber Security Levy, citing non compliance with the provisions of the country’s Cybercrime Act.

The directive to halt the widely criticized levy followed a motion of urgent public importance moved by the Minority Leader, Kingsley Chinda (PDP, Rivers State) on behalf of the entire House.

The opposition law maker specifically cited section 44(2a) of the cybercrime act which listed those to pay the stipulated fees as GSM and telecom companies, Internet providers, Banks and other financial institutions, insurance companies and Stocks Exchange.

In adopting the motion, the House directed the apex bank to immediately withdraw its earlier circular on the implementation of the levy and issue fresh circular in line with the provisions of the Cybercrime Act.

The Tajudeen Abbas-led House submitted that the said CBN’s circular 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.”

The lawmakers noted that the circular from the CBN had raised apprehensions 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 sharp hike in prices of petroleum products, electricity bill, food stuffs, among others.

The lawmakers said further that the CBN circular has been subjected to several interpretations that have passed off as insensitive in the eyes of the generality of Nigerians.

They therefore ordered the financial industry regulator to issue fresh circular specifying those who fall within the tax net of the proposed Cyber Security Levy.