President Bola Tinubu has ordered a temporary pause in the implementation of the controversial Financial Reporting Council (Amendment) Act 2023, which imposed new annual dues on large private companies classified as Public Interest Entities.
The decision, according to the Federal Ministry of Industry, Trade and Investment, follows months of sustained pressure from the private sector and a technical review initiated by the ministry.
Stakeholders had expressed concern over the disproportionate compliance burden and financial risk the amended Act posed to non-listed companies.
The Minister of Industry, Trade and Investment, Jumoke Oduwole, in a personally signed statement issued on Sunday, said the disparity raised serious concerns about equity, sustainability, and the ease of doing business.
TINUBU SUSPENDS FINANCIAL REPORTING DUES FOR PRIVATE COMPANIES
