By Stanley Onyeka, Lagos
The Nigeria Employers’ Consultative Association (NECA) has commended President Bola Tinubu for capping the Financial Reporting Council (FRC’s) levy at N25 million for Public Interest Entities (PIEs), including unlisted companies.
NECA’s Director-General, Adewale-Smatt Oyerinde, in a statement yesterday in Lagos, described the decision as a decisive and a landmark moment for Nigeria’s private sector.
“The President’s decision sends a strong message that Nigeria listens, adapts, and is open for sustainable business,” he said.
Noting that “Regulatory certainty is the lifeblood of investment,” Mr. Oyerinde urged the federal government to promptly transmit an 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.
According to him, the capping will restore confidence and reduce the regulatory burden previously imposed by the open-ended levy in Section 33 of the FRC (Amendment) Act 2023.
Mr. Oyerinde also commended the Minister of Industry, Trade and Investment, Jumoke Oduwole, for her inclusive leadership in facilitating a multi-stakeholder technical working group that included NECA and other key private sector players.
He said the adoption of the group’s proposals, calling for a moratorium, a levy cap, and legislative amendment, reflected responsive and evidence-based governance.
He said the policy alignment between listed and unlisted companies enhanced equity, supported job creation, and freed up capital for enterprise growth.
Mr Oyerinde also noted the strategic timing of the reform alongside the recent signing of four transformative tax laws, aimed at streamlining Nigeria’s fiscal architecture and boosting MSMEs competitiveness.
The capping will restore confidence and reduce the regulatory burden previously imposed by the open-ended levy in Section 33 of the FRC (Amendment) Act 2023.
