Ogunyemi Victoria
The Federal Government has temporarily suspended the implementation of annual dues imposed on public interest enterprises by the Financial Reporting Council (FRC), following widespread opposition from industry stakeholders.
The Minister of Industry, Trade, and Investment, Jumoke Oduwole, announced the decision on Wednesday during a Ministerial Consultative Meeting in Abuja, convened in response to mounting complaints from the private sector.
Oduwole explained that the suspension follows strong resistance from key business groups, including the Nigeria Employers’ Consultative Association (NECA) and the Manufacturers Association of Nigeria (MAN). They argued that the Financial Reporting Council (Amendment) Act 2023, which introduced the dues, placed an excessive financial burden on companies, particularly non-listed entities.
One of the most contentious provisions in the Act imposes a 10% monthly penalty on unpaid dues, which continues to accumulate until full payment is made. Stakeholders, including the Nigerian Association of Chambers of Commerce, Industry, Mines, and Agriculture, the Oil Producers Trade Section, and the Association of Licensed Telecommunications Operators of Nigeria, warned that the policy could cripple businesses already struggling in a tough economic climate.
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Announcing the suspension, Oduwole stated, “The government has directed the Financial Reporting Council to pause the implementation of the new annual dues. A full suspension, as requested by the private sector, would contradict legislation passed by the National Assembly. However, this pause allows us to conduct an administrative review based on today’s discussions.”
She assured stakeholders that the review process would not exceed 60 days, adding that the government remains committed to balancing regulatory compliance with economic sustainability.
“We are a listening administration. The private sector requested a suspension ranging from three months to an indefinite period, but we will not take that route. Instead, we will implement a pause of no more than 60 days. A technical working group comprising FRC officials and private sector representatives will be set up to assess the concerns raised,” she added.
The decision to halt the dues underscores the government’s willingness to engage with the business community and refine policies that impact economic growth.