Reps Suspends Move To Stop CBN’s Cybersecurity Levy

The House of Representatives has withdrawn the motion to suspend the controversial cybersecurity levy.

Recall that CBN had issued a new directive to all financial institutions, including commercial, merchant, non-interest banks, payment service banks, and mobile money operators, mandating the implementation of a 0.5% cybersecurity levy on all electronic transactions.

This move is in line with the provisions of the recently amended Cybercrime (Prohibition, Prevention, etc.) Act 2024.

The directive, detailed in a circular, instructs that the levy be applied at the point of electronic transfer origination, with the deducted amount to be reflected in the customer’s account as a “Cybersecurity Levy.”

The cybersecurity levy has received criticism from Nigerians.

During Wednesday’s session, lawmaker Manu Soro expressed concern over the proposed levy, citing its inappropriate timing given the ongoing challenges facing many Nigerians.

The lawmakers argued that the National Security Adviser (NSA) should not be responsible for handling funds as it is a political role.

However, the Speaker of the House, Tajudeen Abbas, encouraged the lawmaker to withdraw the motion.

He said that the House leadership will discuss the situation and determine the best course of action.