By David Akinmola
The Nigeria Employers’ Consultative Association (NECA) has called on the Federal Government to initiate the legislative process required to solidify the recent decision to cap the Financial Reporting Council (FRC) levy for Public Interest Entities (PIEs) at ₦25 million.
Describing the cap as a significant relief for the private sector, NECA commended President Bola Tinubu for his intervention in curbing what had previously been seen as an open-ended financial burden on companies. The association said the move would promote regulatory clarity, rebuild investor confidence, and lower the cost of doing business in Nigeria.
NECA’s Director-General, Adewale-Smatt Oyerinde, emphasized that the next critical step is for the presidency to transmit an amendment bill to the National Assembly, ensuring the levy cap is enshrined in law before the 2026 fiscal year.“Regulatory certainty is the foundation of investment growth,” Oyerinde said. “We urge the Federal Government to ensure full legal backing to this policy shift in order to avoid future ambiguity.”
Oyerinde also praised Dr. Jumoke Oduwole, Minister of Industry, Trade and Investment, for her leadership in convening a multi-stakeholder technical working group (TWG) that shaped the current reform. He said the group, which included NECA and other private sector voices, played a pivotal role in proposing a moratorium, introducing a levy cap, and recommending legislative amendment—all of which have now gained traction.
According to NECA, aligning levy frameworks for both listed and unlisted entities enhances equity in the regulatory landscape, fosters job creation, and frees up capital for business expansion, especially among mid-sized enterprises.
The association further lauded the timing of the FRC levy reform, noting its alignment with the President’s recent signing of four key tax-related laws aimed at restructuring Nigeria’s fiscal system and improving the competitiveness of Micro, Small, and Medium Enterprises (MSMEs).“This reform sends a strong signal that the Nigerian government is listening, evolving, and positioning the country as a more predictable and investment-friendly environment,” Oyerinde added.
As private sector stakeholders await formal legislative action, NECA says it remains committed to engaging with the government to ensure the regulatory ecosystem continues to support sustainable enterprise growth and economic resilience.
