The House of Representatives has stated that the Financial Reporting Council Act, 2023 remains operational until amended by the National Assembly.
The spokesman of the House, Akin Rotimi, made the declaration in a statement issued in Abuja on Thursday.
According to him, the House observed with concern reports attributing remarks to the Minister of Industry, Trade and Investment, Jumoke Oduwole, following the Ministerial Consultative Meeting held on March 26, 2025, with the organised private sector on the Financial Reporting Council Amendment Act, 2023.
He noted that a session of the media had misinterpreted her comments, suggesting she had directed a “pause” on certain provisions of the amended Act.
The statement read in part, “For the avoidance of doubt, the Financial Reporting Council of Nigeria (Amendment) Act, 2023, remains in full force and effect until the National Assembly amends it.
“Any concerns regarding specific provisions of the Act should be formally brought before the Legislature for deliberation and possible legislative review.”
