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.
