The House of Representatives has ordered the suspension of Cybersecurity levy earlier announced by the Central Bank of Nigeria, CBN.
DAILY GIST reported that the CBN, in a notice to all banks on Monday, directed them to deduct and remit 0.5% levy on all electronic transactions by Cybercrimes (prohibition, prevention, etc.) (Amendment) Act, 2024.
The implementation of the cybersecurity levy on transactions, however sparked serious outrage and controversies in the country.
The lawmakers in the house of reps on Thursday ordered the apex bank to promptly suspend the enforcement of the cybercrime levy in accordance with the stipulations of the cybercrime Act.
The House expressed concern that the circular issued by the central bank could be misunderstood by Nigerians, as it does not align with the principles outlined in section 44(2a) of the cybercrime Act regarding the recipients responsible for paying the levy.
In response to a pressing matter raised by Minority Leader Kingsley Chinda (PDP, Rivers) on behalf of all members, the House urged the Central Bank to promptly retract its previous circular regarding the levy’s enforcement and instead publish a new circular aligned with the Act’s provisions.
More details to follow…
