Minister of Industry to engage stakeholders on financial reporting council levy
The Minister of Industry, Trade and Investment, Dr. Jumoke Oduwole, has convened a stakeholder forum to address concerns over the annual levy imposed by the Financial Reporting Council of Nigeria (FRCN).
The forum, scheduled for Wednesday, March 26, 2025, in Abuja and accessible online, aims to foster dialogue between the organized private sector, key stakeholders, and the FRCN, according to a recent statement. The initiative aligns with President Bola Tinubu’s 8-Point Agenda, which prioritizes transparency, fairness, and the enhancement of Nigeria’s business environment.
At the heart of the discussions is the annual due structure for Public Interest Entities (PIEs) under the amended Financial Reporting Council Act (FRC) 2023. Many stakeholders have expressed concerns over specific provisions of the levy framework and its impact on businesses.
Dr. Oduwole reaffirmed the Ministry’s commitment to collaboration, stressing the importance of engaging stakeholders in policy discussions.
“The Ministry remains committed to working closely with stakeholders. Constructive dialogue around regulatory policies is essential to ensuring that businesses—both large and small—are supported in a fair and sustainable way.
“This is crucial to enhancing business competitiveness and advancing Nigeria’s economic transformation agenda,” she said.
The forum is expected to provide an opportunity for all parties to voice their concerns and explore potential adjustments to the levy framework.
