The Organised Private Sector of Nigeria has called on stakeholders to review the Financial Reporting Council (Amendment) Act 2023 to ensure it supports business growth and economic development, following the suspension of the act.

The PUNCH reported on June 29 that President Bola Tinubu had ordered a temporary pause in the implementation of the controversial Financial Reporting Council (Amendment) Act 2023, which imposed new annual dues on large private companies classified as public interest entities.

In a statement on Thursday, Chairman of OPSN, Jani Ibrahim, commended the Federal Government for suspending the implementation of certain provisions of the FRC Act, saying the decision offers a vital opportunity to review the framework to make it equitable and sensitive to Nigerian businesses’ concerns.

Ibrahim, also serving as the National President of the Nigerian Association of Chambers of Commerce, Industry, Mines and Agriculture, added that 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.”

He explained that many businesses had raised serious concerns over the mandatory levies and reporting obligations introduced under the FRC framework, describing them as burdensome and counterproductive for enterprise growth.

The OPSN chairman said the move would ease the financial burden placed on private companies, particularly micro, Small and Medium Enterprises, stating, “This action comes as a timely relief to the organised private sector members, including the MSMEs, many of whom had expressed deep concerns about the financial and administrative burden posed by the mandatory levies and reporting obligations.”

Ibrahim remarked, “The OPSN, comprising NACCIMA, the Manufacturers Association of Nigeria, the Nigeria Employers’ Consultative Association, the National Association of Small-Scale Industrialists and the Nigerian Association of Small and Medium Enterprises, commends the President and Commander-in-Chief of the Armed Forces, President Bola Tinubu, for the recent decision to halt the implementation of certain provisions of the FRC Act which imposed financial caps and additional compliance dues on private companies.

 “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.”

Further, Ibrahim noted that the OPSN had been engaging the Federal Ministry of Industry, Trade and Investment and other relevant agencies to advocate for policies that promote ease of doing business, protect jobs, and strengthen national productivity.

He called for sustained dialogue between regulators and private sector operators to ensure that economic reforms do not stifle innovation or entrepreneurship.

 “The OPSN urges continued engagement between regulatory institutions and the private sector to co-create regulatory policies that drive economic growth without stifling entrepreneurship,” Ibrahim said, reaffirming the group’s commitment to Nigeria’s economic transformation agenda.