Reps suspends implementation of cybersecurity levy

According to a report by The Nation, the House of Representatives has directed the Central Bank of Nigeria (CBN) to immediately halt the implementation of the cybercrime levy introduced by the apex bank.
The House stated that the circular by the apex bank was prone to misinterpretation by Nigerians, as it negates the spirit and letters of section 44(2a) of the cybercrime Act, which specify those who are expected to pay the levy.
The House asked the CBN to immediately withdraw its earlier circular on the implementation of the levy and issue another circular in line with the provisions of the Act.
The Minority Leader, Kingsley Chinda, who moved the motion of urgent public importance on behalf of the entire members, explained that 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 exchanges.
The CBN’s circular has raised apprehension across the country as 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.