Television Nigerian

In the Financial Reporting Council (FRC Amendment) Act 2023, controversial provisions have been temporarily put on hold by President Bola Ahmed Tinubu’s administration.
This development was said to come after a lot of criticism from stakeholders in the business sector.
Minister of Industry, Trade, and Investment Dr. Jumoke Oduwole announced the decision in a statement on Monday, stating that it was the result of weeks of high-level discussions with important industry players.

Sector Groups Give Off Warning Signs
Organizations that voiced significant opposition include the Oil Producers Trade Section (OPTS), the Association of Licensed Telecommunications Operators of Nigeria (ALTON), and the Nigeria Employers’ Consultative Association (NECA).

A clause in the revised Act that reclassifies large private companies as Public Interest Entities (PIEs) and requires them to pay 0.02 to 0.05 percent of sales annually, with no ceiling, is at the heart of the debate.

In contrast, publicly traded corporations, regardless of size, are subject to a ₦25 million cap. According to stakeholders, this kind of discrepancy can discourage investment and result in disproportionately high compliance costs.

Industry Concerns Are Addressed by Tinubu
As part of President Bola Tinubu’s 8-Point Agenda, Oduwole explained, the Act was first drafted to support his pro-business views. On the other hand, she stated that the administration has heard the concerns and is acting to resolve them.

The objective of this strategy was to enhance financial transparency as part of President Bola Ahmed Tinubu’s pro-business stance. But in response, we have taken actions that take stakeholder input into account,” she stated.

A Technical Working Group was established to examine the issues during a stakeholder meeting on March 26, 2025, which led to an administrative suspension.

A report is submitted by the working group.
The minister stated that the Technical Working Group comprised representatives from the following organizations: the Securities and Exchange Commission (SEC), the Manufacturers Association of Nigeria (MAN), the Nigerian Association of Chambers of Commerce, Industry, Mines and Agriculture (NACCIMA), the Association of Licensed Telecoms Operators of Nigeria (ALTON), the Corporate Affairs Commission (CAC), and NECA.

After three weeks of six meetings, the committee turned forth a thorough report on April 17, 2025.

Read Also: Healthcare Shake-Up: FG Targets Civil Service Reform Over Mounting Issues

Oduwole stated that President Tinubu was briefed on the results and suggested that the pause be maintained while legislative review was conducted.

Interim Cap of ₦25m Imposed
The Financial Reporting Council has been instructed by the Ministry to set an interim ₦25 million cap on private PIEs’ yearly dues in order to bring them into line with publicly traded companies.

“A wider review of the Act will be possible with input from the Ministry of Justice where needed, and this action will ensure regulatory equity and increase investor confidence,” the minister continued.

In order to offer prompt assistance, the Ministry has now instructed the Financial Reporting Council to set an interim ₦25 million maximum on private sector PIEs’ yearly dues, bringing them into line with publicly traded corporations.

“A wider review of the Act will be possible with input from the Ministry of Justice where needed, and this action will ensure regulatory equity and increase investor confidence,” Oduwole said.

Citing a need for a more modern and efficient policy framework, the Federal Government of Nigeria has announced intentions to evaluate and enhance healthcare access for government officials nationwide.

During a free medical examination for government servants in Abuja, which was part of the ongoing celebrations for government Service Week, the Federation’s Head of Civil Service, Mrs. Didi Walson-Jack, made this announcement. Walson-Jack, who was accompanied by Patience Oyekunle, Permanent Secretary of the Service Welfare Office, underlined the urgency of routine health examinations for government workers due to the taxing nature of their jobs.

According to Oyekunle, “anyone with good health will spend less money on hospital visits and will be more productive,” underscoring the clear connection between workplace productivity and health.

With many federal officials applauding the timely transmission of test results and the rapid administration of essential prescriptions, the free medical exercise was reportedly well received.

But under the present National Health Insurance Authority (NHIA) program, Oyekunle recognized that civil servants continue to experience obstacles in obtaining necessary medications and proper care. “These are policy issues,” she emphasized, emphasizing the need for policy reform. Going back to the drawing board, we must create a new policy framework. What we currently have is out of date, particularly in light of the growing cost of drugs.

Program participants, civil servants, conveyed gratitude for the effort. Beneficiary Azeez Champion commended the event’s smooth execution in spite of the high attendance. “I recommend that those who are still in their offices seize this chance. Being healthy is a luxury. He claimed that because of sporadic check-ups, we had lost a lot of employees.

Read Also: INEC Confirms ADA Coalition Party in Registration Pipeline

Eneh Benedict, another volunteer, explained her experience, saying that the examination helped her identify excessive blood pressure, which she had not been aware of before. In addition to thanking the Head of Service for the initiative and urging its continuation, Benedict said, “I have been given medication, and it has already started improving.”

Assistant Director Dr. Longbap Dinfa of the Office of the Head of Civil Service of the Federation’s Wellness Center clarified that the health program was available to all civil servants, not only those employed by the HCSF. Among the tests he mentioned were screens for diabetes, typhoid, malaria, hepatitis B and C, blood pressure, and malaria.

“During the examination, we found multiple cases of malaria-typhoid, peptic ulcer, and undetected hepatitis. A woman collapsed on Sunday, but she was treated quickly and is now stable, according to Dr. Dinfa. The National Hospital was consulted for expert care in more complicated instances, he noted, and all federal personnel were encouraged to make routine medical examinations a priority.

Concerns regarding the sufficiency of the current health insurance program and the escalating cost of pharmaceuticals coincide with the government’s increased commitment to healthcare reform for public servants.

Recalling how an aide to his late principal and former president, Umar Musa Yar’Adua, prevented him from managing Nigeria’s affairs, former President Goodluck Jonathan recalled the incident.
In an interview with the Rainbow Book Club on his biography “My Transition Hours,” Jonathan reportedly stated that Yar’Adua desired to transfer the nation’s affairs to him while he was ill and away, but a presidential assistant declined to deliver the letter to the National Assembly.
Jonathan said that the late Yar’Adua had sent the letter while on a medical trip, but he did not disclose the identity of the presidential assistant.

Read Also: Hon. Philip Agbese Receives Resounding Endorsement from Owukpa Women as the Unstoppable Force for 2027

According to Goodluck Jonathan, the nation lacked a president despite Yar’Adua’s serious condition, and there was no acting president available for the vice president to assume the role.
He said that the president, Yar’Adua, was a Muslim from the north. He succeeded Obasanjo, an eight-year reigning Christian from the south. Thus, the Muslims in the north undoubtedly intended Yar’Adua to stay in the north for at least eight years before he could return and replace him with another, most likely a Christian.

The trouble, however, was the health concern that arose. That’s why it was problematic to even let me act. Indeed, a letter was written when Yar’Adua was travelling for the medical examination. According to the Constitution, in order for the Vice President to take action, the President must notify the Senate and the House of Representatives in writing.

The person to whom the letter was delivered—I won’t name them yet—was one of Yar’Adua’s aides, but they refused to deliver it to the National Assembly.

“Yar’Adua got so sick that he couldn’t handle anything.” Thus, we had a nation without an acting president and a president who was unavailable. Yes, you are able to assume part of the president’s duties as vice president.

As the country’s chief executive, the president of Nigeria has two main duties, similar to those of the prime minister. It can be assumed by the vice president that no transfers are required. We were approving ministerial memos during Executive Council sessions, so I was doing that. The government continued to function, but the Commander-in-Chief was absent.