House of Reps Halts Cybersecurity Levy by CBN, Details Emerge

• The House of Representatives has issued a restriction order to the CBN on the implementation of the cybersecurity levy
• According to the lawmakers, the Cybersecurity Act specifically mentioned those who should pay the levy, but the CBN circular did not mention them
• The Reps directed that the CBN should withdraw the circular to banks as it has created apprehension among Nigerians and issue another one in compliance with the law

Legit.ng journalist Bada Yusuf is an accomplished politics and current affairs editor, boasting over seven years of experience in journalism and writing.

FCT, Abuja - The House of Representatives on Thursday, May 9, directed the Central Bank of Nigeria (CBN) to immediately halt the implementation of the cybercrime levy introduced by the apex bank in compliance with the provisions of the cybercrime Act.

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The House said the apex bank's circular was prone to misinterpretation by Nigerians as it negates the spirit and letters of section 44(2a) of the Cybercrime Act, which specifies who is expected to pay the levy.

Premium Times reported that the House adopted a motion of urgent public importance moved by Minority Leader Kingsley Chinda (PDP, Rivers) on behalf of the entire members. The Motion asked the Central Bank to immediately withdraw its earlier circular on implementing the levy and issue another circular in accordance with the provisions of the Act.

Who should pay the cybersecurity levy?

Chinda said section 44(2a) of the Cybercrime Act listed those who must pay the stipulated fees as GSM and telecom companies, Internet providers, Banks and other financial institutions, insurance companies, and Stock Exchanges.

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He explained that the circular from the CBN has raised apprehension across the country as it has given the impression that the levy is to be paid by Nigerians in an era when they are still battling with an increase in the price of petroleum products among others.

He said further that the CBN circular has been subjected to several interpretations.

Judiciary: Reps received Tinubu's proposal to increase salaries

Legit.ng earlier reported that President Bola Tinubu has forwarded a bill to the House of Representatives to review and increase the salaries of the judicial officers.

Tajudeen Abbas, the speaker of the House of Representatives, disclosed the development in a letter by Tinubu read during plenary.

Tinubu's 2024 budget included N342 billion for the judiciary, the highest the country has ever had.

Source: Legit.ng