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Saturday, June 22, 2024

JUST IN: Lawmakers stop enforcement of cybercrime levy

By News Desk

Following outcry that had trail the Central Bank of Nigeria (CBN) cybercrime levy policy, directing commercial banks to deduct the money from customers account, the House of Representatives has directed that the apex bank immediately halt the implementation of the decision in compliance with provisions of the cybercrime Act.

The lawmakers said the circular released by the CBN was prone to misinterpretation by Nigerians, saying it negates spirit and letters of section 44(2a) of the cybercrime Act which specify those who are expected to pay the levy.

They stopped the levy enforcement on Thursday after adopting a motion of urgent public importance moved by the Minority Leader, Kingsley Chinda, on behalf of the entire lawmakers.

The House asked the Central Bank to immediately withdraw its earlier circular on the implementation of the levy and issue another circular in love with the provisions of the Act.

Chinda said 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 Stocks Exchange.

He explained that the circular from the CBN 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 increase in price of petroleum products among others.

The lawmaker said further that the CBN circular has been subjected to several interpretations.

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