In February 2023, the Business Facilitation (Miscellaneous Provisions) Act 2022 was enacted to promote the ease of doing business in Nigeria.This Act amended several legislation including the Industrial Training Fund (ITF) Act and the National Housing Fund (NHF) Act. Some of these amendments are likely to result in reduced revenue for the affected regulatory authorities, hence, we envisage an increased scrutiny to close out ongoing audits and new audits on prior periods.
For the purpose of this alert, we will be focusing on the National Pension Commission (NPC), the Industrial Training Fund (ITF) and the Employee Compensation Scheme (ECS).
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