The House of Representatives has called for an immediate halt to the proposed implementation of the cybersecurity levy imposed by the Central Bank of Nigeria (CBN), citing concerns over ambiguity and potential misinterpretation of the directive.
The resolution came following a motion presented by Hon. Kingsley Chinda and supported by other members of the House. Chinda highlighted the CBN’s circular dated May 6, 2024, which informed Nigerians of a proposed 0.5% levy on electronic transactions in accordance with Section 44(2)(a) of the Cybercrimes (Prohibition, Prevention, etc.) (Amendment) Act, 2024.
Chinda expressed concerns over the interpretation of the circular, particularly regarding whether the levy should be paid by bank customers or specific businesses listed in the Second Schedule to the Cybercrimes Act. He noted that the ambiguity in the circular had led to apprehension among civil society organizations and citizens, prompting calls for its reversal.
The motion emphasized the need for pragmatic steps to halt the proposed action of the CBN, particularly considering the economic challenges faced by Nigerians due to multiple subsidy removals and rising inflation.
In response to these concerns, the House resolved to direct the Central Bank of Nigeria to withdraw the ambiguous circular and issue a clear directive in alignment with the Cybercrimes Act. Additionally, the House Committees on Banking Regulations and Banking and other Ancillary Institutions were tasked with providing guidance to the CBN to ensure proper implementation of the law.
This resolution reflects the House’s commitment to ensuring transparency and clarity in government policies, particularly those affecting the financial well-being of Nigerian citizens.
