The Federal Government has suspended the implementation of annual dues imposed on public enterprises by the Financial Reporting Council (FRC).
This followed opposition by industry stakeholders.
The Minister of Trade and Investment, Dr. Jumoke Oduwole, disclosed this at the Ministerial Consultative Meeting on the Financial Reporting Council Annual Dues for Public Interest Enterprises on Wednesday in Abuja.
She said the decision followed objections from the organised private sector, particularly the Nigeria Employers’ Consultative Association (NECA), Manufacturers Association of Nigeria (MAN), Nigerian Association of Chambers of Commerce, Industry, Mines, and Agriculture (NACCIMA), Oil Producers Trade Section and Association of Licensed Telecommunications Operators of Nigeria (ALTON), who raised concerns over the Financial Reporting Council (Amendment) Act 2023.
The Act, which imposes cumulative annual charges on non-listed entities, has been met with backlash due to its financial impact.
One of the key points of contention is a provision in the Act that imposes a 10 percent penalty on unpaid dues for every month of default, which continues to accumulate until full payment is made.
At the meeting, the stakeholders decried the negative effects the new dues would have on businesses, particularly in a challenging economic climate.
Speaking on the decision, Oduwole said: “The government has decided to direct the Financial Reporting Council to pause the implementation of the new annual dues.
“You know that I am a lawyer, and a suspension request by the organised private sector would be in contravention of legislation duly passed by the National Assembly. A pause is an administrative process simply to review, in line with what we discussed today.
