The Organised Private Sector of Nigeria (OPSN) has commended President Bola Tinubu as well as relevant agencies on the decision to halt the implementation of certain provisions of the Financial Reporting Council (FRC) Act, which imposed financial caps and additional compliance dues on private companies.

In a statement, Chairperson of the OPSN and National President of the Nigerian Association of Chambers of Commerce, Industry, Mines and Agriculture (NACCIMA), Jani Ibrahim, said the decision to halt the levy comes as a timely relief to the organised private sector members.

The OPSN, comprising NACCIMA, Manufacturers Association of Nigeria (MAN), Nigeria Employers Consultative Association (NECA), Nigeria Association of Small Scale Industrialists (NASSI) and Nigeria Association of Small and Medium Enterprises (NASME), said it has been in active dialogue with the Federal Ministry of Industry, Trade and Investment (FMITI) and other critical agencies.

They went ahead to call on the government to adopt business-friendly policies that foster enterprise growth, protect jobs and enhance national productivity.

“This is a proactive and responsive measure that supports the Federal Government’s commitment to improving the ease of doing business and sustaining investor confidence,” he said.

The chairman added that the suspension provided a critical window for stakeholders to revisit the framework while ensuring that future implementation of financial reporting obligations is transparent, equitable and sensitive to the realities and legitimate concerns of Nigerian businesses.

He further urged continued engagement between regulatory institutions and the private sector to co-create regulatory policies that drive economic growth without stifling entrepreneurship.

He added that they remain committed to constructive dialogue and collaboration that will advance Nigeria’s economic transformation agenda but asked that the OPSN be actively involved.