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HomeNaija NewsStop Implementation Of Cybercrime Levy — Reps Orders CBN

Stop Implementation Of Cybercrime Levy — Reps Orders CBN

The Central Bank of Nigeria (CBN) has been instructed by the House of Representatives to immediately stop enforcing the cybercrime fee that the apex bank established in accordance with the cybercrime Act.

The House stated that because the circular from the apex bank contradicts the language and spirit of section 44(2a) of the cybercrime Act, which outlines who is required to pay the tax, it is likely to be misunderstood by Nigerians.

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Accepting a motion of pressing public importance proposed by Minority Leader Kingsley Chinda (PDP, Rivers) on behalf of all members, the House demanded that the Central Bank promptly revoke its previous circular regarding the levy’s implementation and issue a new circular in accordance with the Act’s provisions.

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According to Chinda, GSM and telecom businesses, Internet providers, banks and other financial institutions, insurance organizations, and stock exchanges are among the entities named under section 44(2a) of the cybercrime act as required to pay the specified costs. [CONTINUE READING HERE]

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