Reps Suspend Implementation Of Cybercrime Levy By CBN

The House of Representatives on Thursday, May 9, directed the Central Bank of Nigeria (CBN) to immediately halt the implementation of the cybercrime levy introduced by the apex bank in compliance with the provisions of the Cybercrime Act, ABN TV reports.

The House said the circular by the apex bank 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.

Adopting a motion of urgent public importance moved by Minority Leader, Kingsley Chinda (PDP, Rivers) on behalf of the entire members, the House asked the Central Bank to immediately withdraw it’s 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 abd telecom companies, Internet providers, Banks and other financial institutions, insurance companies and Stocks Exchange.

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 product among others.

He said further that the CBN circular has been subjected to several interpretation.

Details shortly…