The Federal Government has temporarily suspended the implementation of annual dues imposed on public interest enterprises by the Financial Reporting Council (FRC) following widespread criticism from industry stakeholders.
The Minister of Industry, Trade, and Investment, Jumoke Oduwole, announced the decision on Wednesday during a Ministerial Consultative Meeting in Abuja. The suspension comes after multiple complaints from the Nigeria Employers’ Consultative Association (NECA), Manufacturers Association of Nigeria (MAN), and other key players in the private sector.
Oduwole stated that the government had received several official petitions regarding the Financial Reporting Council (Amendment) Act 2023, which mandates annual charges on non-listed entities. One of the most contentious provisions in the Act is a 10% penalty on unpaid dues for each month of default, leading to significant financial burdens on businesses.
Industry leaders, including representatives from the Nigerian Association of Chambers of Commerce, Industry, Mines, and Agriculture (NACCIMA), the Oil Producers Trade Section, and the Association of Licensed Telecommunications Operators of Nigeria (ALTON), raised concerns about the law’s potential impact on businesses, especially in the current economic climate.
In response, Oduwole explained that the government was not overriding the legislation but implementing an administrative pause to allow for further review. “A suspension request would be in contravention of legislation duly passed by the National Assembly. A pause is an administrative process to review the situation in line with stakeholder concerns,” she clarified.
The suspension will last for a maximum of 60 days, during which a technical working group—comprising representatives from the FRC and the organised private sector—will assess the issue and propose possible amendments.
“We are a listening administration. The private sector requested a suspension ranging from three months to an indefinite period, but we will not go that far. The review period will not exceed 60 days,” Oduwole assured.
The decision marks a significant response to private sector agitation, as businesses await further developments on the controversial financial regulation.