BREAKING: Lawmakers Hit Pause Button on Cybersecurity Levy Implementation

On Thursday, the House of Representatives instructed the Central Bank of Nigeria to cease the enforcement of the cybercrime levy in accordance with the cybercrime Act.

This decision came after Minority Leader Kingsley Chinda, PDP Rivers, proposed a motion of urgent public importance.

Chinda highlighted that the Cybercrime Act’s section 44 (2a) specified the entities responsible for paying the fees, including GSM and telecom companies, Internet providers, Banks, financial institutions, insurance companies, and stock exchange.

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He expressed concerns over the CBN’s circular causing anxiety nationwide, as it seemed to suggest that Nigerians would bear the levy burden amidst economic challenges.

Consequently, the House urged the central bank to retract the initial circular and issue a revised one aligning with the Act’s provisions.