The House of Representatives has urged the Central Bank of Nigeria to halt actions on the implementation of the cybercrime levy it announced recently.
The House expressed concerns that the bank’s directive could be misunderstood by the public and go against the Cybercrime Act.
The House has underscored that the levy introduced by the bank is in direct contradiction to the specific criteria outlined in section 44(2a) of the Act, which clearly defines who should be responsible for paying such a levy.
Following a motion presented by Minority Leader Kingsley Chinda, the House urgently called for the withdrawal of the bank’s initial circular on the levy and requested the issuance of a new circular by the Act’s provisions.
The House has underscored that the levy introduced by the bank is in direct contradiction to the specific criteria outlined in section 44(2a) of the Act, which clearly defines who should be responsible for paying such a levy.
Following a motion presented by Minority Leader Kingsley Chinda, the House urgently called for the withdrawal of the bank’s initial circular on the levy and requested the issuance of a new circular by the Act’s provisions.
Labour Party presidential bannerman Peter Obi described the move as insensitively planned, noting that it’s another move to increase Nigerians’ burden.
He said, “It is inconceivable to expect the suffering citizens of Nigeria to separately fund all activities of the government. Policies such as this not only impoverish the citizens but make the country’s economic environment less competitive.”
Meanwhile, the Trade Union Congress (TUC) has threatened to shut down Nigeria’s economy if the Federal Government fails to reverse the cybersecurity levy introduced by the Central Bank of Nigeria.
Reacting to the controversial development, the congress, in a statement signed by its president, Festus Osifo, on Wednesday, May 8, 2024, slammed the CBN for imposing a 0.5% cybersecurity levy “at a time when Nigerians are grappling with the high cost of living.”
