Nigerian Parliament Reasserts Authority Amid Confusion Over Financial Reporting Law
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The Nigerian House of Representatives has moved to dispel mounting uncertainty surrounding the status of the Financial Reporting Council (Amendment) Act, 2023, following public comments attributed to the Minister of Industry, Trade and Investment, Jumoke Oduwole, which appeared to suggest a suspension of certain provisions of the newly enacted law.
In a firm statement issued from Abuja on Thursday, House spokesman Akin Rotimi stressed that the legislation remains fully operational and binding, unless and until formally amended by the National Assembly.
“For the avoidance of doubt, the Financial Reporting Council of Nigeria (Amendment) Act, 2023, remains in full force and effect,” Rotimi declared. “Any concerns about specific provisions must be addressed through the legislative process—not by executive fiat.”
The clarification follows remarks reportedly made by Minister Oduwole during a ministerial consultative meeting with the organised private sector on March 26, 2025. Parts of the media interpreted her comments as an indication that parts of the Act had been effectively put on hold—an interpretation the House has firmly rejected.
Rotimi described such readings as both inaccurate and “counterproductive to the stability and clarity” of Nigeria’s regulatory framework, adding that the episode had caused “unnecessary confusion among stakeholders and regulated entities.”
He went on to emphasise Nigeria’s commitment to constitutional order and the separation of powers, noting that no government official possesses the authority to unilaterally pause or suspend any part of a duly enacted law.
“Nigeria is governed by the rule of law,” the statement read. “The National Assembly alone holds the constitutional authority to enact, amend, or repeal laws. There is no constitutional provision that allows any member of the executive branch to override that process.”
While acknowledging the importance of stakeholder consultation—a hallmark of President Bola Tinubu’s administration—the House underscored that all modifications to the law must be channelled through proper legislative mechanisms.
“The minister’s engagement with the private sector is welcome, but policy dialogue cannot substitute for legal procedure,” Rotimi said.
The House concluded by directing the Financial Reporting Council to continue fulfilling its statutory obligations under the current legislation and reminded public interest entities that compliance with the law is non-negotiable.
“There can be no legal vacuum,” the statement affirmed, as lawmakers sought to restore confidence in the rule of law and the country’s financial regulatory architecture.
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