JUST IN: Federal Government suspends financial council dues after backlash

In a dramatic turn of events, the Federal Government has temporarily halted the implementation of the contentious annual dues imposed on public interest enterprises by the Financial Reporting Council (FRC) following fierce opposition from industry leaders.

The suspension, announced by the Minister of Industry, Trade, and Investment, Jumoke Oduwole, at a high-stakes consultative meeting in Abuja, comes after an outcry from the private sector, which condemned the levies as oppressive and damaging to businesses struggling in Nigeria’s harsh economic climate.

Industry heavyweights, including the Nigeria Employers’ Consultative Association (NECA) and the Manufacturers Association of Nigeria (MAN), fiercely objected to the Financial Reporting Council (Amendment) Act 2023, which mandates hefty annual charges on non-listed businesses and enforces a staggering 10% penalty for each month of non-payment.

Facing mounting pressure, the government opted for a “pause” rather than an outright suspension, signaling an attempt to save face while reviewing the policy. However, critics argue that this move is merely a temporary retreat and does not address the fundamental concerns raised by businesses already burdened by multiple taxes and regulatory fees.

With a 60-day window for review, many are questioning whether the government will genuinely listen to the private sector or if this is just a tactical delay before reintroducing the levies under a different guise.