Representatives suspend implementation of cybersecurity levy

The House of Representatives directed the CBN to withdraw the unclear 0.5% cybersecurity levy.

The House of Representatives has directed the Central Bank of Nigeria (CBN) to suspend the implementation of the recently introduced cybersecurity levy.

The House of Representatives raised concerns that the bank’s policy could be misunderstood by the public, which could result in it violating the Cybercrime Act.

The House said it was also concerned that this comes at a time when Nigerians are suffering the consequences of multiple removals of petroleum and electricity subsidies and rising inflation.

This resolution was a continuation of a motion of urgent public importance introduced by House Minority Leader Rep. Kingsley Chinda (PDP, Rivers), on Thursday.

OrderPaper recalls that a circular issued by the CBN on Monday stated that the implementation of the levy would begin two weeks after its announcement. The circular was addressed to all commercial, commercial, non-interest and payment service banks.

According to the CBN, the policy is in line with the recent amendment to the Cybercrime (Prohibition, Prevention, etc) (Amendment) Act 2024.

Chindasaid in his main debate on the motion that the Cybercrime Act is being misimplemented by the CBN as it contradicts the specific criteria in Section 44(2a) of the Act, which clearly defines who should be responsible for paying the levy.

The House of Representatives, however, directed the CBN to withdraw the ambiguous circular and mandate the House Committees on Banking Regulation and Banks and Other Ancillary Institutions to properly manage the Central Bank of Nigeria.

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