House of Representatives stop the Implementation of Cybersecurity Levy

In a recent session, the House of Representatives instructed the Central Bank of Nigeria (CBN) to suspend the enforcement of the Cybersecurity levy. This decision aligns with the guidelines outlined in the Cybercrime Act.

The directive stemmed from a motion of pressing public significance initiated by Kingsley Chinda, the Minority Leader from PDP Rivers.

Chinda highlighted that according to section 44 (2a) of the Cybersecurity Act, entities subject to the specified charges include GSM and telecom companies, Internet service providers, financial institutions such as banks and insurance companies, and the stock exchange.

The legislator pointed out that the CBN’s recent circular has triggered concerns nationwide. He emphasized that it has conveyed the impression that the levy is to be borne by Nigerians at a time when they are already grappling with rising costs, including petroleum product prices.

Consequently, the House urged the CBN to retract its initial circular regarding levy enforcement promptly. Instead, they requested the issuance of a revised circular that aligns with the provisions delineated in the Act.