FRC, Reps to strengthen financial reporting

The House of Representatives has promised to partner with the Financial Reporting Council of Nigeria (FRC) to strengthen financial reporting and governance in the country.

The Chairman of the House Committee on Commerce, Ahmed Munir, gave the assurance last week, in Lagos, during an oversight function visit to the FRC.

Munir noted that the Federal Government has undertaken strategic key reforms to restore micro and macroeconomic stability in the country.

He also noted creative steps in policy reforms across all sectors, with an “intended focus on repositioning our nation as truly the economic giant of Africa, producing significant achievement in fiscal and monetary policy consolidation”.

He highlighted efforts by the federal government to rebuild investor confidence and improve the lives of the citizens.

“It is our responsibility to make laws that are favorable to the growth of business in Nigeria for the subsequent implementation by the Executive and the Judiciary arms of government.

“Our dear country, Nigeria, as a country, is blessed with abundant human and natural resources. When the right policy for economic growth is in place and the political willpower to implement the policy is available, Nigeria can become one of the global economic power hubs.

“The 10th National Assembly is determined to ensure that business owners and investors in Nigerian economic space are sufficiently provided with the most conducive economic environment to succeed profitably with marginal returns on their investment and their capital well protected with various business incentives currently under implementation by this administration.

“We want the whole world to know today that Nigeria is open for business, and we are ready to affirm our position as the economic giant of Africa,” he said.

Executive Secretary/Chief Executive Officer, FRC, Dr. Rabiu Olowo, requested legislative assistance for the passage of the Nigerian Actuarial Chartered Bill that would birth “professional actuarial practice in Nigeria in line with global best practice”.

Olowo also demanded legislative assistance with advocacy for the realisation of the Nigeria Public Sector and Not-for-Profit governance codes.

The Deputy Chairman of the House Committee on Commerce, James Shuaibu Barka, stressed: “We are trying to see how we can ensure that the FRC will function effectively because the core machinery of the government depends on the council because the FRC has to ensure that government agencies are doing the right things.”