The Nigeria Employers’ Consultative Association (NECA) has commended President Bola Ahmed Tinubu on his decision to cap the Financial Reporting Council (FRC) levy at N25 million for Public Interest Entities (PIEs), including unlisted companies, noting that such would go a long way in restoring confidence and reducing regulatory burden.
Describing the move as a landmark for the nation’s private sector, the association’s Director-General, Mr. Adewale-Smatt Oyerinde, in a statement issued on Monday, expressed delight that the open-ended levy in Section 33 of the FRC (Amendment) Act 2023 had been effectively taken care of with the capping.
Oyerinde applauded the Honourable Minister of Industry, Trade and Investment, Dr. Jumoke Oduwole, for her inclusive leadership in facilitating a multi-stakeholder Technical Working Group that included NECA and other key private sector players. He noted that the adoption of the group’s proposals, calling for a moratorium, a levy cap, and legislative amendment, reflects responsive and evidence-based governance.
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NECA emphasized that the policy alignment between listed and unlisted companies enhances equity, supports job creation, and frees up capital for enterprise growth. The association also recognized the strategic timing of this reform alongside the recent signing of four transformative tax laws aimed at streamlining Nigeria’s fiscal architecture and boosting MSME competitiveness.
Oyerinde urged the Federal Government to promptly transmit a clean amendment bill to the National Assembly to formally embed the N25 million cap in law and ensure full legal clarity before the 2026 fiscal year.
“Regulatory certainty is the lifeblood of investment,” he said, adding that the President’s decision sends a strong message that Nigeria listens, adapts, and is open for sustainable business.
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