This came following widespread concerns from industry stakeholders.
The Minister of Industry, Trade, and Investment, Jumoke Oduwole, disclosed the decision at a Ministerial Consultative Meeting on the Financial Reporting Council Annual Dues for Public Interest Enterprises in Abuja.
The meeting was called in response to numerous official letters the ministry received regarding the issue.
Oduwole stated that the suspension follows a series of objections from the organized private sector, particularly the Nigeria Employers’ Consultative Association and Manufacturers Association of Nigeria, who raised concerns over the Financial Reporting Council (Amendment) Act 2023.
The Act, which imposes cumulative annual charges on non-listed entities, has been met with backlash due to its financial impact.
The minister further indicated that the timeline for the suspension would not exceed 60 days.
She assured that the government is committed to addressing the concerns raised by the private sector.