BREAKING: House Of Reps Halts CBN Cybercrime Levy Implementation Amid Public Outcry

The House of Representatives has halted the implementation of the CBN’s cybercrime levy, responding to public discontent and urging compliance with existing legislation.

The levy, aimed at imposing a 0.5% cybersecurity fee on electronic transfers, sparked widespread criticism among Nigerians.

The House of Representatives has intervened in the controversial introduction of the Central Bank of Nigeria (CBN) cybercrime levy, directing an immediate halt to its implementation in compliance with the provisions of the Cybercrime Act.

VerseNews reports that the levy, announced by the CBN in a circular issued to various financial institutions, aimed to impose a 0.5 per cent cybersecurity levy on all electronic transfers, sparking widespread discontent among Nigerians.

The directive, issued by the CBN, stipulated that the levy would be applied at the point of electronic transfer origination and deducted by financial institutions, with monthly remittances to a designated CBN account.

However, the announcement elicited strong opposition from citizens, who deemed it untimely, particularly amidst existing economic challenges such as the increase in petroleum product prices.

Responding to the public outcry, the House of Representatives, through a motion of urgent public importance, called for the withdrawal of the CBN circular and a review in line with the Cybercrime Act.

Minority Leader Kingsley Chinda, representing Rivers State, emphasized that the Act specifies entities responsible for paying such fees, which notably exclude ordinary Nigerians.

The House’s intervention reflects concerns over the levy’s impact on citizens already grappling with economic hardships, prompting a call for clearer directives in accordance with existing legislation.