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On Thursday, May 9, the Nigeria House of Representatives called upon the Central Bank of Nigeria (CBN) to immediately suspend the implementation of the cybercrime levy, as imposed by the Cybercrime Act.
The House expressed concern that Nigerians might misunderstand the CBN’s circular, as it appeared to contradict the spirit and text of section 44(2a) of the Cybercrime Act, which specifies who is required to pay the tax.
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In response to a motion of urgent public importance presented by Minority Leader Kingsley Chinda (PDP, Rivers) on behalf of all members, the House urged the Central Bank to withdraw its previous circular on the implementation of the levy and issue a new circular in compliance with the Act’s provisions.
Chinda clarified that section 44(2a) of the Cybercrime Act designates GSM and telecom companies, Internet providers, banks, other financial institutions, insurance companies, and the Stock Exchange as the entities liable to pay the prescribed fees.
He emphasized that the CBN’s circular had caused nationwide concern, creating the impression that Nigerians would bear the levy amidst challenges such as the increasing cost of petroleum products.
Moreover, Chinda pointed out that the CBN’s circular had been open to various interpretations, further adding to the confusion surrounding its implementation.
