House of Representatives Orders CBN to Halt Cybercrime Levy Implementation

The House of Representatives has issued a directive to the Central Bank of Nigeria (CBN) to suspend the implementation of the cybercrime levy, citing non-compliance with the provisions of the Cybercrime Act. This decision was made following the adoption of a motion of urgent public importance raised by Minority Leader Kingsley Chinda of the People’s Democratic Party (PDP) representing Rivers State.

In his motion, Chinda highlighted Section 44 (2a) of the Cybercrime Act, which specifies the entities required to pay the stipulated fees, including GSM and telecom companies, internet providers, banks, financial institutions, insurance companies, and stock exchanges. He expressed concern over the recent circular issued by the CBN, which has created the impression that ordinary Nigerians, already grappling with economic challenges such as rising petroleum prices, are liable to pay the levy.

The congressman emphasized the need for the CBN to adhere to the provisions of the Cybercrime Act and ensure that the levy is imposed only on the entities specified by law. He urged the apex bank to revoke its previous circular and issue a new one that aligns with the Act’s requirements.

In response to the motion, the House of Representatives unanimously resolved to direct the Central Bank to halt the implementation of the cybercrime levy until a new circular is issued in accordance with the provisions of the Cybercrime Act. The lawmakers emphasized the importance of upholding the rule of law and ensuring that regulatory measures are implemented in a manner consistent with existing legislation.

The decision of the House of Representatives underscores the significance of legislative oversight in ensuring compliance with legal frameworks and protecting the interests of Nigerian citizens. It also reflects the commitment of lawmakers to safeguarding the rights and interests of the public in matters of national importance.