Reps direct CBN to halt implementation of cybersecurity levy

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GistReel

The House of Representatives on Thursday directed the Central Bank of Nigeria (CBN) to halt the implementation of the cybersecurity levy.

The House recognized the importance of aligning with the existing legal framework and ensuring that the implementation of the cybersecurity levy is in accordance with the law.

By issuing this directive to the CBN, they aim to ensure a responsible and lawful approach to cybersecurity measures in Nigeria.

The order followed the adoption of a motion of urgent public importance moved by Minority Leader Kingsley Chinda, PDP Rivers.

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 stock exchange.

The lawmaker explained that the circular from the CBN has raised apprehension across Nigeria, stressing that it has given the impression that the levy is to be paid by Nigerians in an era when they are still battling with an increase in the price of petroleum products, among others.

The House subsequently asked the apex bank to withdraw its earlier circular on implementing the levy immediately and issue another circular in line with the provisions of the Act.

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