By Merit Ibe
The organised private sector of Nigeria (OPSN) has said the suspension of the Financial Reporting Council Amendment (FRC) Act 2023 which imposed financial caps and additional compliance dues on private companies, was a timely relief to the organized private sector members and Micro, Small and Medium Enterprises (MSMEs).
President Bola Tinubu recently ordered a temporary pause in the implementation of the controversial FRC (amendment) Act 2023.
A statement signed by the President, Nigerian Association of Chambers of Commerce Industry Mines and Agriculture (NACCIMA), Jani Ibrahim, for the OPSN in response to the suspension, noted that many of its members had expressed deep concerns about the financial and administrative burden posed by the mandatory levies and reporting obligations under the current FRC Act framework.
The OPSN, comprising NACCIMA, MAN, NECA, NASSI and NASME viewed that its stakeholders have been in active dialogue with the Federal Ministry of Industry Trade and Investment and other critical agencies, advocating for business-friendly policies that foster enterprise growth, protect jobs, and enhance national productivity.
“We therefore commend the efforts of the government for this timely decision, which is a proactive and responsive measure that supports the Federal Government’s commitment to improving the ease of doing business and sustaining investor confidence.
“The suspension provides a critical window for stakeholders to revisit the framework and ensure that future implementations of financial reporting obligations are transparent, equitable, and sensitive to the realities and legitimate concerns of Nigerian businesses.”
The OPSN called for continued engagement between regulatory institutions and the private sector to co-create regulatory policies that drive economic growth without stifling entrepreneurship.
“We remain committed to constructive dialogue and collaboration that will advance Nigeria’s economic transformation agenda.”