The House of Representatives has intervened to halt the Central Bank of Nigeria’s (CBN) proposed implementation of a 0.5% cybercrimes levy on electronic transactions by bank customers. Following the directive, the House instructed the CBN to rescind the ambiguous circular and issue a clear directive consistent with the Cybercrimes (Amendment) Act, 2024.
In a motion of urgent public importance moved by the House Minority Leader, Hon. Kingsley Chinda (PDP Rivers) and 359 others, concerns were raised regarding the CBN Circular dated 6th May, 2024, which outlined the proposed levy in line with Section 44(2)(a) of the Cybercrimes (Amendment) Act, 2024.
Chinda highlighted discrepancies in the circular, expressing apprehension over its interpretation, particularly concerning whether the levy should be borne by bank customers. He emphasized the need for clarity and adherence to the provisions of the Cybercrimes Act, which specifies the businesses liable for the levy.
The lawmaker further underscored public discontent with the proposed levy, citing widespread criticism from civil society organizations and citizens. He cautioned against the unintended consequences of implementing the levy amidst economic challenges, including inflation and subsidy removals.
The House’s intervention aims to ensure proper interpretation and implementation of the Cybercrimes Act while addressing public concerns and safeguarding the interests of Nigerian citizens.