Federal Government Pauses New Annual Levies for Private Businesses
The Federal Government has paused the implementation of new annual levies imposed on private enterprises by the Financial Reporting Council of Nigeria (FRCN) following concerns raised by the Manufacturers Association of Nigeria (MAN) over the financial burden on businesses. The Minister of Industry, Trade, and Investment, Jumoke Oduwole, clarified that the pause is for administrative review, not a suspension, and a technical working group comprising the Financial Reporting Council of Nigeria and private sector representatives will assess the levies within 60 days as the government aims to strike a balance between global best practices and what is feasible for Nigerian businesses while ensuring legislative compliance.
