The House of Representatives has instructed the Central Bank of Nigeria (CBN) to halt the proposed implementation of the 0.5% cybercrime levy on electronic transactions.
In response to a motion of urgent public importance moved by the House Minority Leader, Kingsley Chinda (PDP Rivers), and 359 others, the House directed the CBN to withdraw the ambiguous circular and issue a clear directive in line with the Cybercrimes (Amendment) Act, 2024.
The Green Chamber also mandated its Committees on Banking Regulations, and Banking and other Ancillary Institutions to provide proper guidance to the CBN.
Chinda, in moving the motion, highlighted that the CBN’s circular dated 6th May 2024 informed Nigerians of a proposed 0.5% levy on electronic transactions in accordance with Section 44(2)(a) of the Cybercrimes (Amendment) Act, 2024.
He emphasized that the wording of the CBN circular allows for multiple interpretations, including the possibility of the levy being paid by bank customers, contrary to the provisions of the Cybercrimes Act.
Chinda expressed concern over the apprehension generated by this move, with Civil Society Organisations and citizens calling for a reversal of the “imposed levy on Nigerians” among other things.
He argued that unless immediate steps are taken to suspend the proposed action of the CBN, the Cybercrime Act risks being implemented erroneously, exacerbating the economic challenges faced by Nigerians.
As a result, the House of Representatives has directed the CBN to suspend the implementation of the cybercrime levy and to issue a clear, unambiguous directive in line with the Cybercrimes Act.