NECA Rejects High FRC Levies on Private Firms

The Nigeria Employers’ Consultative Association (NECA) has strongly condemned the Financial Reporting Council of Nigeria (FRC) over the imposition of high annual dues on private and non-quoted companies. In a statement, NECA warned that the move could cripple businesses and stifle economic growth.

According to NECA, the new policy significantly increased the annual dues of private firms from N1 million to hundreds of millions of naira, depending on their turnover. This drastic increase has sparked widespread concern among business owners, who are already grappling with multiple taxation, regulatory bottlenecks, and rising operational costs.

NECA’s Director-General, Adewale-Smatt Oyerinde, denounced the move as unjust and contradictory to the federal government’s efforts to enhance Nigeria’s business environment, attract investment, and create jobs. He argued that the increased financial burden on private firms could force many to shut down or downsize, leading to job losses and economic instability.

Oyerinde emphasized that the FRC’s decision would undermine the government’s initiatives to promote economic growth, entrepreneurship, and job creation. He urged the FRC to reconsider its decision and engage with stakeholders to find a more equitable solution.

The FRC’s policy has sparked intense debate among business leaders, economists, and policymakers, with many calling for a review of the decision. As the debate continues, business owners and investors are watching anxiously, hoping for a resolution that will not harm the already fragile economy.