The Organised Private Sector of Nigeria, (OPSN), has com­mended the President and Commander-in-Chief of the Armed Forces, President Bola Ahmed Tinubu for the recent decision to halt the implemen­tation of certain provisions of the FRC Act which imposed financial caps and additional compliance dues on private companies.

Comprising of NACCIMA, MAN, NECA, NASSI and NASME, the OPSN’s National President, Jani Ibrahim, said this action comes as a timely relief to the organised private sector members including the Micro, Small and Medium En­terprises (MSMEs), many of whom had expressed deep con­cerns about the financial and administrative burden posed by the mandatory levies and reporting obligations under the current FRC framework.

He noted that the OPSN and its stakeholders have been in active dialogue with the Feder­al Ministry of Industry.

According to him, trade and investment and other critical agencies, advocating for busi­ness-friendly policies that foster enterprise growth, protect jobs, and enhance national produc­tivity.

“We therefore, commend the efforts of the Government for this timely decision, which is a proactive and responsive measure that supports the Federal Government’s commit­ment to improving the ease of doing business and sustaining investor confidence.

“The suspension provides a critical window for stake­holders to revisit the frame­work and ensure that future implementations of financial reporting obligations are trans­parent, equitable, and sensitive to the realities and legitimate concerns of Nigerian business­es”, he said.

He, however, said: “The OPSN urges continued en­gagement between regulatory institutions and the private sector to co-create regulatory policies that drive economic growth without stifling entre­preneurship.

“We remain committed to constructive dialogue and col­laboration that will advance Nigeria’s economic transfor­mation agenda”