In response to public outcry and concerns raised by stakeholders, the House of Representatives has issued a directive to the Central Bank of Nigeria (CBN) to withdraw the circular mandating the implementation of a 0.5 per cent cybersecurity levy on all electronic transactions in the country.
Kingsley Chinda, representing the Obio/Akpor Constituency, spearheaded the motion and stressed the urgent need to halt and modify the implementation of the cybersecurity levy.
Chinda highlighted the ambiguity of the circular, expressing concern that it could be interpreted as requiring bank customers to bear the levy, contrary to the Cybercrimes Act.
“The wordings of the CBN circular leaves the directive to multiple interpretations including that the levy be paid by bank customers, that is, Nigerians, against the letters and spirit of Section 44(2)(a) and the Second Schedule to the Cybercrimes Act,” Chinda remarked.
The circular, directed to various financial institutions, stipulated the commencement of the levy within two weeks from May 6, 2024, with deductions to be reflected in customers’ accounts under the narration ‘Cybersecurity Levy.’
Chinda further noted the widespread apprehension among civil society organizations and citizens, urging the Federal Government to reverse the levy.
He emphasized the potential adverse impact of implementing the levy amidst economic challenges, including inflation and subsidy removals.
“The Cybercrime Act shall be implemented in error at a time when Nigerians are experiencing the aftermath of multiple removal of subsidies from petroleum, electricity and so on and the rising inflation,” Chinda said.
The directive from the House of Representatives underscores the legislature’s commitment to protecting the interests of Nigerians and ensuring the proper interpretation and application of existing laws.