House of Representatives Orders CBN to Suspend Controversial Cybersecurity Levy.
The House of Representatives has directed the Central Bank of Nigeria (CBN) to immediately suspend the enforcement of the controversial cybersecurity levy, which was introduced on May 6, 2024. The decision was made following a motion raised by Minority Leader Kingsley Chinda on behalf of all members.
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The House expressed concerns that the CBN’s circular could be misunderstood by Nigerians and does not align with the principles outlined in Section 44(2a) of the Cybercrime Act regarding the recipients responsible for paying the levy.
The lawmakers urged the CBN to promptly retract its previous circular regarding the levy’s enforcement and instead publish a new circular aligned with the Act’s provisions.
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This move by the House of Representatives aims to ensure that the cybersecurity levy is enforced in a fair and lawful manner, and that any confusion or misinformation is addressed.
