According to Vanguard News on May 9, 2024, the House of Representatives has instructed the Central Bank of Nigeria (CBN) to suspend the planned implementation of a 0.5% cybercrime levy on electronic transactions. The House further directed the CBN to retract the existing ambiguous circular and issue a clear circular that aligns with the provisions of the Cybercrimes (Amendment) Act, 2024.
The motion was introduced by the House Minority Leader, Kingsley Chinda, and supported by 359 others. Chinda highlighted that the CBN had issued a circular on May 6, 2024, informing Nigerians about the proposed 0.5% levy on electronic transactions in accordance with Section 44(2)(a) of the Cybercrimes (Amendment) Act, 2024.
He pointed out that the Cybercrimes Act specifies that businesses such as GSM service providers, telecommunication companies, internet service providers, banks, financial institutions, insurance companies, and the Nigerian Stock Exchange should pay the levy. However, Chinda expressed concern that the wording of the CBN circular allowed for multiple interpretations, including the possibility of the levy being paid by bank customers, which contradicted the provisions of the Cybercrimes Act.
Chinda emphasized that the CBN's proposed action had caused apprehension among civil society organizations and citizens, leading to calls on social and conventional media for the reversal of the imposed levy. He argued that unless immediate action was taken to halt the implementation, the Cybercrime Act would be enforced erroneously, exacerbating the financial burden on Nigerians already dealing with the removal of subsidies and rising inflation.
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