Approve N25m FRC Levy, NECA Urges NASS

The Nigeria Employers’ Consultative Association (NECA) has appealed to the national assembly (NASS) and the federal government (FG) to fast -track implementation of the N25million Financial Reporting Council (FRC) levy through passing of  the new decision into law.

The group urged the federal government(FG) to promptly transmit a clean amendment bill to the National Assembly to formally pass the N25 million cap into  law and ensure full legal clarity before the 2026 fiscal year.

The director general of NECA, Adewale-Smart Oyerinde who made this call in Lagos, noted that there was  the  need for a final legislative amendment for the capping of the  Financial Reporting Council (FRC) levy at N25 million.

Likewise, Oyerinde described the steps taken by President Bola Ahmed Tinubu as a sign of responsive leadership by capping the  FRC levy at N25 million for Public Interest Entities (PIEs), including unlisted companies.

According to him, “NECA believed that,  his decisive action in capping the Financial Reporting Council (FRC) levy at N25 million for Public Interest Entities (PIEs), is a sign of responsive governance, but we want him to include unlisted companies in the list.”

Speaking in Lagos, the NECA DG  described the “move as a landmark moment for Nigeria’s private sector, restoring confidence and reducing the regulatory burden previously imposed by the open-ended levy in Section 33 of the FRC (Amendment) Act 2023.”

Oyerinde also applauded the minister of Industry, Trade and Investment, Dr. Jumoke Oduwole, for her inclusive leadership in facilitating a multi-stakeholder Technical Working Group that included NECA and other key private sector players. He noted that the adoption of the group’s proposals, calling for a moratorium, a levy cap, and legislative amendment, reflects responsive and evidence-based governance.

“NECA believes that the policy alignment between listed and unlisted companies enhances equity, supports job creation, and frees up capital for enterprise growth,” he added.

The Association also recognised the strategic timing of this reform alongside the recent signing of four transformative tax laws aimed at streamlining Nigeria’s fiscal architecture and boosting MSME competitiveness.”

Oyerinde, however, urged the federal government to promptly transmit a clean amendment bill to the National Assembly to formally embed the N25 million cap in law and ensure full legal clarity before the 2026 fiscal year.

Regulatory certainty is the lifeblood of investment, he said, adding that the president’s decision sends a strong message that Nigeria listens, adapts, and is open for sustainable business.