The federal government has suspended the implementation of controversial annual dues imposed on some private companies under the Financial Reporting Council (Amendment) Act 2023, following widespread pushback from business leaders.
The Ministry of Industry, Trade and Investment confirmed the suspension and introduced a temporary cap of ₦25 million on dues for private firms classified as Public Interest Entities (PIEs). This aligns their obligations with those of publicly listed companies and offers temporary relief while a broader review is underway.
The dues, initially pegged at 0.02%–0.05% of company turnover without a ceiling, had drawn sharp criticism for being unfair and costly—particularly for fast-growing private businesses. Industry groups warned the charges would hurt operational planning and investor confidence.
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A technical working group comprising business associations and regulatory bodies was formed after a high-level consultation in March. Their recommendations led to the current suspension and the interim cap.
Business groups including NECA, ALTON, and MAN welcomed the move, describing it as a timely intervention to restore regulatory balance and support long-term business planning.
The Ministry also confirmed that the Federal Ministry of Justice will lead the legal review of the Act to ensure future policies are more consultative and business-friendly.
The decision reflects the government's push for a more enabling environment for businesses, especially in line with ongoing reforms aimed at boosting industrial growth and economic resilience.
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