Hot Source•Calls for final legislative amendment
Dike Onwuamaeze
The Nigeria Employers’ Consultative Association (NECA) has commended President Bola Ahmed Tinubu for his decisive action in capping the Financial Reporting Council (FRC) levy at ₦25 million for Public Interest Entities (PIEs), including unlisted companies.
Speaking in Lagos, the Director-General NECA, Mr. Adewale-Smatt Oyerinde, described the move as a landmark moment for Nigeria’s private sector, restoring confidence and reducing the regulatory burden previously imposed by the open-ended levy in Section 33 of the FRC (Amendment) Act 2023.
Oyerinde also applauded the Minister of Industry, Trade and Investment, Dr. Jumoke Oduwole, for her inclusive leadership in facilitating a multi-stakeholder Technical Working Group that included NECA and other key private sector players.
He noted that the adoption of the group’s proposals, calling for a moratorium, a levy cap, and legislative amendment, reflected responsive and evidence-based governance.
NECA emphasided that the policy alignment between listed and unlisted companies would enhance equity, supports job creation, and frees up capital for enterprise growth.
The association also recognised the strategic timing of this reform alongside the recent signing of four transformative tax laws aimed at streamlining Nigeria’s fiscal architecture and boosting MSME competitiveness.
Oyerinde also urged the federal government to promptly transmit a clean amendment bill to the National Assembly to formally embed the N25 million cap in law and ensure full legal clarity before the 2026 fiscal year.
“Regulatory certainty is the lifeblood of investment,” he said, adding that the president’s decision sent a strong message that Nigeria listens, adapts, and is open for sustainable business.
