Private Sector wins big as President Tinubu suspends controversial FRC Act Provisions

Stanley Ihedigbo

Organised Private Sector of Nigeria (OPSN) has commended President Bola Ahmed Tinubu for his decision to halt the implementation of certain provisions of the Financial Reporting Council (FRC) Act.

The OPSN, which comprises prominent business associations such as the Nigerian Association of Chambers of Commerce, Industry, Mines, and Agriculture (NACCIMA), Manufacturers Association of Nigeria (MAN), Nigeria Employers’ Consultative Association (NECA), Nigerian Association of Small Scale Industrialists (NASSI), expressed relief that the suspension will alleviate the financial and administrative burden on private companies, particularly Micro, Small, and Medium Enterprises (MSMEs).

According to the National President, NACCIMA and Chairman, OPSN, Engr. Jani Ibrahim, the OPSN had been in active dialogue with the Federal Ministry of Industry, Trade, and Investment, advocating for business-friendly policies that promote enterprise growth, job protection, and national productivity.

The suspension of the FRC Act provisions is seen as a proactive measure that supports the government’s commitment to improving the ease of doing business and sustaining investor confidence.

The OPSN has urged continued engagement between regulatory institutions and the private sector to co-create regulatory policies that drive economic growth without stifling entrepreneurship.

The organisation remains committed to constructive dialogue and collaboration that will advance Nigeria’s economic transformation agenda.

The OPSN’s National President, Engr. Jani Ibrahim, praised the President’s decision, stating that it provides a critical window for stakeholders to revisit the framework and ensure that future implementations of financial reporting obligations are transparent, equitable, and sensitive to the realities and legitimate concerns of Nigerian businesses.

This development is expected to boost investor confidence, promote economic growth, and enhance the overall business environment in Nigeria.

The OPSN’s efforts to promote business-friendly policies and collaborate with regulatory institutions will continue to play a crucial role in shaping the country’s economic future.