The Federal Government has suspended the implementation of the contentious annual dues introduced under the Financial Reporting Council (Amendment) Act 2023, following mounting pressure from private sector leaders.
The Ministry of Industry, Trade and Investment confirmed the suspension and announced an interim cap of ₦25 million for dues payable by private companies classified as Public Interest Entities (PIEs). This new ceiling aligns their obligations with those of publicly listed firms, providing temporary relief while a broader policy review takes place.
Initially, the dues were set at 0.02% to 0.05% of company turnover, with no upper limit—a structure that drew widespread criticism from industry stakeholders. Many argued that the charges were excessive, especially for rapidly growing businesses, and would negatively impact operational planning and investor confidence.
The backlash led to the formation of a technical working group in March, made up of business associations and regulatory agencies. Their recommendations were instrumental in the government’s decision to halt the implementation and introduce the temporary cap.
Major business groups, including the Nigeria Employers’ Consultative Association (NECA), the Association of Licensed Telecom Operators of Nigeria (ALTON), and the Manufacturers Association of Nigeria (MAN), have applauded the move. They described it as a much-needed step to restore regulatory fairness and support long-term business viability.
The Ministry also disclosed that the Federal Ministry of Justice will lead a legal review of the Act to ensure that future financial policies are developed through more inclusive and consultative processes.
The decision is part of the government’s broader strategy to improve the ease of doing business and foster an enabling environment for industrial growth and economic stability.
