The House of Representatives has instructed the Central Bank of Nigeria (CBN) to suspend the implementation of the cybercrime levy with immediate effect. The House’s decision on Thursday was based on concerns that the CBN’s circular could be misinterpreted by citizens, as it appears to contradict Section 44(2a) of the Cybercrime Act, which clearly identifies the entities responsible for paying the levy. READ THE FULL ARTICLE

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.

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.

The lawmaker said further that the CBN circular has been subjected to several interpretations. READ THE FULL ARTICLE