Chairman of the Organised Private Sector of Nigeria (OPSN), Dele Kelvin Oye, has commended President Bola Ahmed Tinubu and the Federal Government for stepping down the implementation of the amended Financial Reporting Council Act.

Oye explained that the amended act portended existential threats to businesses and the private sector operators and could significantly stunt the growth of the country’s economy.

The OPSN Chairman commended the President for listening to the OPS and setting up a stakeholders’ forum to review the amendment, which has now resulted in a decision to step aside the implementation of the act.

A letter to President by Oye said: “On behalf of the organised private sector of Nigeria (OPSN) and particularly other association of stakeholders represented at the recent forum convened by the Ministry of Industry, Trade and Investment, I wish to express OPSN profound gratitude for your magnanimity and responsiveness in addressing the pressing concerns surrounding the recent amendments to the FRC FRC Act of 2023…

“We particularly commend your recognition of the need for a Joint Consultative Forum. This initiative will surely serve as a vital platform to jointly review the provisions of the FRC amendments, allowing for meaningful collaboration between the government and the organised private sector of Nigeria.

“The decision to step down the implementation of the amendments in the FRC Act pending the outcome and government decisions on the recommendations of the Committee demonstrates your administration’s understanding of the delicate balance required to support our national economy while encouraging compliance and regulatory efficiency.

“Mr. President, your willingness to engage with the voices of businesses and industry leaders exemplifies true leadership. It reassures us that our concerns are valued and positions Nigeria on a path toward economic recovery and growth. As you know, the Private sector plays a pivotal role in job creation and economic stability. We will greatly benefit from thoughtful, balanced regulations that promote rather than hinder growth.”