By Deborah Hassan
365Daily – The House of Representatives has called for the suspension of the implementation of the 0.5 per cent cybersecurity levy on all electronic transactions within the country.
This just as it directed the Central Bank of Nigeria (CBN) to withdraw the circular directing all banks to commence charging of the 0.5 per cent cybersecurity levy.
The House made the decision on Thursday, May 9, 2024, while adopting the prayers of a motion on the urgent need to halt and modify the implementation of the cybersecurity levy sponsored by the Minority Leader, Hon. Kingsley Chinda.
According to the circular issued by the apex bank, all commercial, merchant, non-interest, and payment service banks, among others, are to begin implementation of the levy two weeks from Monday, May 6, 2024.
“The CBN circular mandates all banks, other financial institutions and payments service providers to implement the Cybercrimes Act by applying the levy at the point of electronic transfer origination as “Cybersecurity Levy,” and remitting same.
“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, which specifies the businesses that should be levied accordingly.”
Calling for a halt of the proposed action, he argued, “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.”
The motion was passed by the House.