The House of Representatives, on Thursday, May 9, called upon the Central Bank of Nigeria (CBN) to immediately halt the implementation of the apex bank’s cybercrime levy, imposed in line with the Cybercrime Act.
The House expressed concern that Nigerians could misinterpret the CBN’s circular, as it contradicted the spirit and text of section 44(2a) of the Cybercrime Act, which specifies who is obligated to pay the tax.
In response to a motion of urgent public importance moved by Minority Leader Kingsley Chinda (PDP, Rivers) on behalf of all members, the House urged the Central Bank to retract its previous circular on the levy’s implementation and issue a new circular in accordance with the Act’s provisions.
Chinda clarified that section 44(2a) of the Cybercrime Act identifies GSM and telecom companies, Internet providers, banks, other financial institutions, insurance companies, and the Stock Exchange as entities liable to pay the stipulated fees.
He highlighted that the CBN’s circular had sparked nationwide apprehension, giving the impression that Nigerians would bear the levy amidst challenges such as the rising cost of petroleum products.
Furthermore, Chinda noted that the CBN’s circular had been subject to various interpretations, adding to the confusion surrounding its implementation.
