The Organised Private Sector of Nigeria (OPSN) has welcomed the suspension of the Financial Reporting Council (FRC) Amendment Act 2023, describing it as a timely relief for businesses, especially Micro, Small, and Medium Enterprises (MSMEs).
President Bola Tinubu recently ordered a temporary halt to the implementation of the controversial legislation, which imposed financial caps and additional compliance dues on private companies.
In a statement signed by Jani Ibrahim, President of the Nigerian Association of Chambers of Commerce, Industry, Mines and Agriculture (NACCIMA), on behalf of the OPSN, the group said the move alleviates the financial and administrative pressure placed on the private sector under the amended law.
“Many of our members had expressed deep concerns about the burden posed by the mandatory levies and reporting obligations,” the statement read.
The OPSN, which includes NACCIMA, MAN, NECA, NASSI, and NASME, noted that its members have been in active dialogue with the Federal Ministry of Industry, Trade and Investment and other relevant stakeholders, advocating for pro-business policies that stimulate growth, safeguard jobs, and enhance national productivity.
The suspension is seen as a positive signal from the federal government, reflecting its willingness to engage the private sector and revisit regulatory policies that may hinder enterprise development.
