FG MAINTAINS PAUSE ON N25 MILLION FRCN LEVY

FG Maintains Pause on N25 Million FRCN Levy Amid Calls for Legislative Review
The Federal Government has confirmed that the 60-day pause on the Financial Reporting Council of Nigeria’s (FRCN) controversial N25 million annual levy for Public Interest Entities (PIEs) will continue until a broader legislative review is completed.

Trade Minister Dr. Jumoke Oduwole explained the pause responds to widespread concerns over the levy’s impact on private firms, especially after reclassification under the 2023 FRCN Amendment Act. A Technical Working Group involving key stakeholders has been set up to review the law and recommend reforms.

To ease pressure, the Minister directed FRCN to cap private PIEs’ dues at N25 million temporarily, matching the fixed amount for publicly listed companies. The government aims to ensure fairness, boost investor confidence, and maintain a pro-business environment while considering possible legal amendments.

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