The Federal Authorities has introduced that the suspension of the contentious N25 million annual levy imposed by the Monetary Reporting Council of Nigeria (FRCN) will stay in place for the foreseeable future.
Based on the Minister of Business, Commerce and Funding, Dr. Jumoke Oduwole, the executive pause initially launched in response to public outcry will proceed pending a broader legislative evaluation of the FRCN (Modification) Act, 2023.
This choice follows intense backlash from personal sector stakeholders over the necessary mounted levy for Public Curiosity Entities (PIEs), which they argue locations an undue monetary burden on giant personal companies.
Interim reduction and subsequent steps
Oduwole defined that the pause on the levy goals to stop regulatory uncertainty, ease compliance prices, and rebuild investor confidence. As an interim reduction, she directed the FRCN to cap the annual dues for personal PIEs at N25 million—matching the quantity set for publicly listed corporations.
“This interim measure gives readability and ensures stability for affected companies whereas legislative amendments are thought of,” she mentioned.
The Ministry additionally convened a broader stakeholder discussion board in March 2025 to handle widespread concern over the amended Act and reaffirmed its dedication to a clear, pro-business regulatory framework.
“The Tinubu administration stays dedicated to regulatory equity and can proceed to interact stakeholders in shaping reforms. The Ministry of Justice will assess and pursue any essential legislative amendments,” Oduwole added.
Background
In March 2025, the Ministry established a Group Working Committee to facilitate stakeholder consultations on the levy. The committee included representatives from key business teams such because the Nigeria Employers’ Consultative Affiliation (NECA), the Producers Affiliation of Nigeria (MAN), the Nigerian Affiliation of Chambers of Commerce, Business, Mines and Agriculture (NACCIMA), and a group from the FRCN.
Over three weeks, the committee held six conferences, culminating in a report assessing the influence of Part 33D of the amended Act.
- The report was submitted to the Minister on April 17 and fashioned the premise for briefing President Bola Tinubu on stakeholder issues.
- Earlier than the pause was enacted, varied teams, together with the Oil Producers Commerce Part (OPTS) and the Affiliation of Licensed Telecom Operators of Nigeria (ALTON), had raised objections to the reclassification of huge personal companies as PIEs.
- The amended legislation had required PIEs to pay between 0.02% and 0.05% of their annual turnover with out a cap, in contrast to publicly listed corporations, which have been required to pay a set N25 million.
Concerning the FRCN and the amended Act
The Monetary Reporting Council of Nigeria was established below the FRC Act No. 6 of 2011 and operates below the Ministry of Business, Commerce and Funding. It’s accountable for setting accounting and monetary reporting requirements in Nigeria.
The amended FRCN Act, signed into legislation on Could 3, 2023, aimed to reinforce company governance however has since confronted criticism for its monetary implications on the personal sector. Part 33(1)(c) of the legislation mandates PIEs and publicly quoted corporations to pay both 0.002% of their market capitalisation or N25 million yearly.
The federal government says it’s going to proceed to guage the framework to make sure it aligns with nationwide competitiveness objectives and the benefit of doing enterprise in Nigeria.
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