The Federal Government has announced a temporary 60-day pause on the implementation of the Financial Reporting Council of Nigeria (FRCN) levy. This decision was made to allow for a comprehensive review following concerns raised by the private sector.
Jumoke Oduwole, Minister of Industry, Trade, and Investment, made this announcement during a ministerial engagement in Abuja. She met with key stakeholders, including representatives from the organized private sector and the Financial Reporting Council.
Oduwole explained that while a full suspension of the levy would contravene an existing law, an administrative pause was necessary to review the concerns raised. The private sector had requested a suspension ranging from two to three months to an indefinite period, but the government decided on a 60-day pause.
To facilitate the review, the government will set up a technical working group comprising representatives from the FRCN, the organized private sector, and the Presidential Tax Policy Reform Committee. Their task will be to conduct an empirical analysis and recommend a fair and balanced approach.
The Minister reassured stakeholders that President Bola Ahmed Tinubu’s administration is committed to fostering a business-friendly environment. “We want the private sector to be comfortable, and we want the economy to thrive. We have reviewed global best practices, and we will develop a system that is best suited for Nigeria.”
Once the review is completed, the findings will be escalated to the National Assembly for further action.
Rabiu Olowo, Executive Secretary and CEO of the Financial Reporting Council, assured stakeholders that recent regulatory changes under the 2023 FRCN Amendment Act are designed to strengthen financial oversight, enhance investor confidence, and promote trade and investment in the country.
Dele Kelvin Oye, leader of the organized private sector, criticized the timing and rationale behind the levy. He argued that businesses were already struggling under economic pressure and urged the government to consider a three-month suspension to allow for a proper resolution.
