By Dele Ogbodo
The Minister of Industry, Trade and Investment, Dr. Jumoke Oduwole, on Wednesday ruled out suspending the Federal Reporting Council of Nigeria (FRCN) annual levy implementation which came into force through the instrumentality of the 2023 Act as enacted by the National Assembly and signed by former President Muhammadu Buhari.
However, the Minister admitted that the implementation of the levy will remain paused for at least 60 days pending the outcome of an all-encompassing review committee on the annual levy whether it should be levied on profit of companies or on their gross earnings, which has been the sorts of concern to the FRCN and the private sector bodies.
Speaking with journalists at the sideline of the Ministerial Consultative Meeting with members of the Organised Private Sector of Nigeria (OPSN) which comprised of the Manufacturers Association of Nigeria (MAN), the Nigeria Employers’ Consultative Association (NECA), Association of Telecommunication Companies of Nigeria (ATCON), Association of Licenced Telecommunications Operators of Nigeria (ALTON), National Association of Chambers of Commerce Industry Manufacturers Association (NACCIMA) and others, she reaffirmed that a committee comprising of members from FRCN, OPS and the Ministry will deliberate and dialogue within the next 60 days to come up on win-win solutions on the concerns expressed by the parties to the ongoing debate.
Haven listened to presentations made by the Executive Secretary of the FRCN, Dr. Rabiu Olowo, the OPSN, President, Mr. Dele Oye, the President, ATCON, Mr. Tony Emoekpere, represented by Dr. Nihinlola Mary, the DG, NECA, Mr. Adewale Smatt Oyerinde, Chairman, ALTON, Engr. Gbenga Adebayo, the Minister said: “A suspension of the Act, which reinforces the annual levy would be a contravention of a legislation that is passed by the National Assembly.”
According to her, an administrative process will be constituted to review the levy in line with what we have discussed today as according to her, the administration of President Bola Tinubu, is one with a listening ear.
Speaking further on the timeline for the resolution of the complaints, she added: “We will get back to Nigerians on the timeline of the pause, but it’s not going to be anything long.
“The private sector concerns have asked from a range of two to three months to a range of indefinite suspension.
“We’re not going to do that. So between, at the most, 60 days, we are going to set up a technical working group comprised of FRCN and private sector, organized private sector representatives.
“They had written formally, they wrote in written submissions, which will be reviewed.”
The Minister added that the Chair of the tax policy reform committee, presidential tax policy reform committee, will also be a member of the committee as well.
She applauded the stakeholders on their mannerism concerning the different perspectives to the issues at hand, adding: “You can see it was a cordial conversation. You can see the leader of Nigeria’s Organized Private Sector.
“You can see the Executive Secretary, Financial Reporting Council of Nigeria.
“We have listened, because we’re a listening government. And Mr. President had been briefed ahead and as you know, we are a listening government and we want private sector to be comfortable.
“We want the economy to thrive. So this is what we are going to do and with empirical work to come up with the best fit for Nigeria.”
Oduwole, admitted that government through the Ministry had looked at global best practices on each side of the divide and we will come up with the best that is befitting for our country.
“We make the proposition. And then, of course, we have to go back to parliament. Wherever we land, it is still going back to the National Assembly. I already, I had briefed the chair of the House Committee on Commerce that this conversation is going on. But we are not going to preempt the discussion and the dialogue between the stakeholders.
“We let them land to where it’s comfortable. What is clear is that they cannot pay what they used to pay, but they may not pay what they are being asked to pay. I don’t know. As a lawyer, I will hold my case.
“I’m not a judge, but we’ll wait and see. But seriously, I want to thank the Nigerian private sector for their belief in the administration of President Bola Ahmed Tinubu.
“I want to thank them for their belief in the reforms that he has been implementing since May 2023. And the FMITI and the agencies, the FRCN is committed to implementing the 8 points agenda of this administration.
“So, today we have had a very successful ministerial consultative session.
“And I want to thank all the participants and to assure the Nigerian media and public that we’ll get back to you in a similar transparent manner.” The Minister, said.
