The Organized Private Sector of Nigeria (OPSN) has commended President Bola Ahmed Tinubu for suspending the implementation of certain provisions of the Financial Reporting Council (FRC) Act, which imposed financial caps and additional compliance dues on private companies.
This decision has brought relief to the organized private sector, including Micro, Small, and Medium Enterprises (MSMEs), that had expressed concerns about the financial and administrative burden posed by the mandatory levies and reporting obligations.
The OPSN, comprising NACCIMA, MAN, NECA, NASSI, and NASME, had been in active dialogue with the Federal Ministry of Industry, Trade, and Investment, advocating for business-friendly policies that foster enterprise growth, protect jobs, and enhance national productivity.
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.
According to Jani Ibrahim, National President of NACCIMA and Chairman of OPSN, the government’s decision 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 OPSN urges continued engagement between regulatory institutions and the private sector to co-create regulatory policies that drive economic growth without stifling entrepreneurship.
The suspension provides an opportunity for stakeholders to revisit the framework and ensure transparency, equity, and sensitivity to Nigerian businesses’ concerns.
Comment here