ABUJA, Nigeria (VOICE OF NAIJA)-The House of Representatives has affirmed that the Financial Reporting Council Act, 2023 remains in effect until the National Assembly amends it.
House spokesman Akin Rotimi made this clarification in a statement issued in Abuja on Thursday.
He noted that the House was concerned about reports attributing remarks to the Minister of Industry, Trade, and Investment, Jumoke Oduwole, during the Ministerial Consultative Meeting held on March 26, 2025, with the organised private sector regarding the Financial Reporting Council Amendment Act, 2023.
Rotimi stated that sections of the media had misinterpreted the minister’s comments, implying she had ordered a “pause” on certain provisions of the amended Act.
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.
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“The apparent misrepresentation of the minister’s remarks has led to confusion and uncertainty among stakeholders and regulated entities. This ambiguity is unnecessary and counterproductive to the stability and clarity needed in Nigeria’s financial reporting and regulatory framework.
“Nigeria is a constitutional democracy governed by the principle of separation of powers among the legislature, executive, and judiciary. The National Assembly alone holds the constitutional authority to enact, amend, or repeal laws. No provision of the Constitution grants any public officer the power to unilaterally ‘pause’ or suspend any part of a duly enacted law.”
The House of Representatives acknowledged the administration of President Bola Tinubu’s commitment to stakeholder engagement and constructive dialogue.
It described the minister’s consultations as a positive step but emphasized that any modifications to an existing law must follow due legislative process to uphold the rule of law and democratic governance.
It further urged the Financial Reporting Council (FRC) to continue carrying out its statutory duties in full compliance with its enabling Act, stressing that “all public interest entities must adhere to the law as it stands, as there can be no legal vacuum.”