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The House of Representatives has committed to collaborating with the Financial Reporting Council of Nigeria (FRC) to improve financial reporting and governance across the country.
Ahmed Munir, Chairman of the House Committee on Commerce, made this commitment last week in Lagos during an oversight visit to the FRC. Munir emphasized that the Federal Government has initiated key strategic reforms aimed at restoring both micro and macroeconomic stability in Nigeria.
He highlighted that these reforms span various sectors and are focused on repositioning Nigeria as a leading economic powerhouse in Africa, with significant progress in consolidating fiscal and monetary policies. Munir further underscored the government’s efforts to rebuild investor confidence and enhance the quality of life for Nigerian citizens.
“Our responsibility is to enact laws that foster business growth in Nigeria, which are then implemented by the Executive and Judiciary branches of government,” Munir stated. “Nigeria is endowed with abundant human and natural resources. With the right economic policies and the political will to implement them, Nigeria has the potential to become a global economic leader.”
He reiterated the 10th National Assembly’s determination to create an environment where businesses and investors in Nigeria can thrive. “We are committed to ensuring that investors in Nigeria enjoy a conducive economic environment with protected capital and favorable returns on investment, supported by various business incentives currently being implemented by this administration,” he added. “We want the world to know that Nigeria is open for business, and we are ready to reaffirm our position as Africa’s economic giant.”
During the visit, Dr. Rabiu Olowo, Executive Secretary/Chief Executive Officer of the FRC, requested legislative support for the passage of the Nigerian Actuarial Chartered Bill, which would establish professional actuarial practices in line with global standards. Olowo also called for legislative advocacy to implement governance codes for Nigeria’s public sector and not-for-profit organizations.
Echoing this sentiment, James Shuaibu Barka, Deputy Chairman of the House Committee on Commerce, emphasized the importance of the FRC in ensuring that government agencies operate efficiently. “We are focused on empowering the FRC to function effectively, as it plays a crucial role in ensuring that government agencies adhere to proper practices,” Barka stated.
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