The Federal Government has announced the suspension of key provisions in the Financial Reporting Council (Amendment) Act 2023, following widespread concerns raised by private sector stakeholders.
Minister of Industry, Trade and Investment, Dr Jumoke Oduwole, disclosed the development on Monday, stating that the decision was made after extensive consultations with major industry bodies, including the Nigeria Employers’ Consultative Association (NECA), the Association of Licensed Telecommunications Operators of Nigeria (ALTON), and the Oil Producers Trade Section (OPTS).
At the centre of the controversy is the Act’s reclassification of large private companies as Public Interest Entities (PIEs), a move that subjects them to annual dues ranging from 0.02% to 0.05% of their turnover without a cap. In contrast, publicly listed companies have a fixed dues ceiling of ₦25 million.
Stakeholders warned that the new financial obligations could escalate compliance costs and discourage investment in Nigeria’s private sector.
Responding to these concerns, Dr Oduwole affirmed that the Tinubu administration remains committed to its pro-business 8-Point Agenda. She said a stakeholder meeting was held on March 26, 2025, leading to an administrative pause and the formation of a Technical Working Group.
The group — comprising NECA, MAN, ALTON, NACCIMA, CAC, SEC and others — met six times over three weeks and submitted its recommendations on April 17, 2025.
Following a review of the report, President Bola Tinubu approved the continuation of the policy pause pending legislative amendments.
“To provide immediate relief, the Ministry has now directed the Financial Reporting Council to impose an interim cap of ₦25 million on annual dues for private sector PIEs, bringing them in line with publicly quoted companies,” Oduwole announced.
The Minister reiterated the government’s readiness to collaborate with the private sector in addressing regulatory issues and ensuring Nigeria remains an attractive destination for investment.
