The Nigeria Employers’ Consultative Association (NECA) has urged the Federal Government to promptly transmit an amendment bill to the National Assembly to include the N25 million Financial Reporting Council (FRC) Cap levy for Public Interest Entities (PIEs) in the law.

Commending President Bola Tinubu for capping the previously open-ended levy, NECA described it as a landmark moment for Nigeria’s private sector, stating that the move would restore confidence and reduce the regulatory burden previously imposed by the previous regime.

NECA Director-General, Adewale-Smatt Oyerinde, who noted that regulatory certainty is the lifeblood of investment, said the Federal Government should also ensure full legal clarity before the 2026 fiscal year.

Oyerinde also applauded the Minister of Industry, Trade and Investment, Dr. Jumoke Oduwole, for her inclusive leadership in facilitating a multi-stakeholder technical working group (TWG) that included NECA and other key private sector players.

He noted that the adoption of the group’s proposal, calling for a moratorium, a levy cap and legislative amendment, reflected responsive governance.

The NECA chief emphasised that the policy alignment between listed and unlisted companies enhances equity, supports job creation and frees up capital for enterprise growth.

He acknowledged the strategic timing of the reform alongside the recent signing of the four tax laws aimed at streamlining Nigeria’s fiscal architecture and boosting MSME competitiveness.

“Regulatory certainty is the lifeblood of investment and the President’s decision sends a strong message that Nigeria listens, adapts and is open for sustainable business,” he said.