The Organised Private Sector of Nigeria (OPSN) has commended President Bola Ahmed Tinubu for halting the implementation of certain provisions of the Financial Reporting Council of Nigeria Act, which imposed financial caps and additional compliance dues on private companies.
The OPSN is comprised of the Manufacturers Association of Nigeria, NACCIMA, Nigeria Employers’ Consultative Association, Nigeria Association of Small and Medium Enterprises and the Nigeria Association of Small Scale Industries.
It should be recalled that the federal government on Sunday announced the pegging of the annual dues payable by large private companies that are not quoted on the stock exchange at N25 million.
The government also promised to seek legislative amendment of the controversial sections of the FRC Act.
Chairman of the OPSN, Mr. Jani Ibrahim, described the action as “a timely relief to the organised private sector members-including the Micro, Small and Medium Enterprises (MSMEs), many of whom had expressed deep concerns about the financial and administrative burden posed by the mandatory levies and reporting obligations under the current FRC framework.”
Ibrahim, who is also the national president of the Nigerian Association of Chambers of Commerce, Mines and Agriculture (NACCIMA), said that the OPSN and its stakeholders have been in active dialogue with the Federal Ministry of Industry, Trade and Investment and other critical agencies, advocating business-friendly policies that foster enterprise growth, protect jobs, and enhance national productivity.
He said: “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 also canvassed 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,” Ibrahim said.
Dike Onwuamaeze
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