The Federal Government has announced a 60-day suspension of the controversial annual dues imposed on public interest enterprises by the Financial Reporting Council (FRC).
Minister of Industry, Trade, and Investment, Jumoke Oduwole, revealed this decision on Wednesday during a Ministerial Consultative Meeting in Abuja.
This move came after mounting pressure and formal complaints from various industry stakeholders, who raised alarm over the financial burden of the new policy.

Background: Controversy Surrounds the 2023 FRC Amendment Act

At the heart of the dispute lies the Financial Reporting Council (Amendment) Act 2023.
This legislation mandates cumulative annual charges on non-listed public interest entities.
One of its most contentious provisions includes a 10% penalty on any unpaid dues, which increases monthly until full payment is made.
Business leaders argue that such charges would cripple companies already struggling in a harsh economic climate.

Stakeholders Demand Review, Call Charges ‘Punitive’

Several prominent industry groups—including the Nigeria Employers’ Consultative Association (NECA), the Manufacturers Association of Nigeria (MAN), and the Nigerian Association of Chambers of Commerce, Industry, Mines, and Agriculture (NACCIMA)—voiced their objections at the meeting.
Others like the Oil Producers Trade Section and the Association of Licensed Telecommunications Operators of Nigeria also expressed their dissatisfaction.
They argued that the new dues threaten business survival and discourage private sector growth.

Minister Clarifies: Not a Suspension, But a Pause for Review

Responding to the outcry, Minister Oduwole clarified that the government has not suspended the law outright but has paused its implementation.
“As a lawyer, I must acknowledge that an outright suspension would conflict with a law passed by the National Assembly,” she explained.
“However, an administrative pause allows us time to review and consult, without breaching legal boundaries.”

Timeline Set: 60 Days to Engage and Review

According to Oduwole, the temporary halt will last no more than 60 days.
Within this period, the ministry will establish a technical working group that includes representatives from both the FRC and the concerned private sector bodies.
This group will assess the law’s impact and recommend possible adjustments or clarifications.

Government Pledges to Remain Open and Responsive

“We are a listening administration,” Oduwole said.
She emphasized that although stakeholders requested a longer suspension—ranging from three months to indefinite—the government settled on 60 days for efficiency and legal compliance.
She reiterated the government’s commitment to fostering a business-friendly environment while maintaining accountability through transparent reporting regulations.

Looking Ahead: Collaboration Over Conflict

This latest development signals a willingness by the government to collaborate with the private sector on policy adjustments.
It also reflects a balancing act between maintaining legal structure and ensuring economic policies do not stifle business operations.
As consultations continue, all eyes will be on the technical working group to see what reforms, if any, emerge before the 60-day deadline.