The House of Representatives has reaffirmed that the Financial Reporting Council (FRC) Act, 2023 remains fully operational until amended by the National Assembly.
This statement comes in response to misinterpretations of remarks made by the Minister of Industry, Trade, and Investment, Jumoke Oduwole, during a Ministerial Consultative Meeting on March 26, 2025 with the organised private sector. Some media outlets had suggested that the Minister had directed a “pause” on certain provisions of the FRC Amendment Act, leading to confusion and uncertainty among stakeholders.
In a statement released on Thursday, the House spokesman, Akin Rotimi, clarified that any amendments to the law must be carried out through the proper legislative channels. He stressed that the FRC Act remains in full force and effect until the National Assembly decides to amend it.
The statement read in part, “For the avoidance of doubt, the Financial Reporting Council of Nigeria (Amendment) Act, 2023, remains in full force and effect until the National Assembly amends it. Any concerns regarding specific provisions of the Act should be formally brought before the Legislature for deliberation and possible legislative review.”
The House also emphasized that no public official has the power to unilaterally pause or suspend any provision of a duly enacted law, stating that such actions are the exclusive domain of the National Assembly, in line with Nigeria’s constitutional principles of separation of powers.
Furthermore, the House acknowledged that the Tinubu administration values stakeholder engagement and encourages constructive dialogue. While the House supports efforts to consult on the amendment of the law, it underlined that any modification must follow the legislative process to preserve democratic governance and the rule of law.
The House also urged the Financial Reporting Council to continue its work in full compliance with the FRC Act and called on public interest entities to adhere to the law as it currently stands, stressing that there should be no legal vacuum.
The statement sought to clear the air and reinforce the importance of following constitutional and legislative processes in any changes to laws affecting financial reporting and regulations in Nigeria.
