Monday, September 15, 2025
25.1 C
Lagos

Economic Recovery Policy Will Bring Hope for Nigeria-ICAN

The Institute of Chartered Accountants of Nigeria (ICAN) last Friday renewed its support for the various economic policies of the administration of President Muhammadu Buhari, saying there is hope for Nigeria.

President of ICAN, Deacon Titus Soetan, who led a delegation of the institute’s executives to the Minister of Finance, Mrs. Kemi Adeosun, said the current initiatives of the Minister were capable of taking the nation out of its current economic woes.

The Minister, in her welcome address said: “As professionals, we are taught to be prudent and to be transparent and also to have a lot of accountability and that, in itself, means we have to deal with things which many people will be evading, but we are not going to evade the truth because we know if we do we are only postponing the evil day.”

“We are working with a mission. That mission is driven by the realisation that this economy has to grow. And to achieve the desired growth, we have to invest and spend our money wisely. To attain our goal, we have to do two things. First is to increase the revenue that is available and secondly, redirect expenditure from wasteful things and from corruption into actually growing the economy. This is why we are implementing initiatives that address these impediments and improve control. “

Speaking on the resolve to focus on capital projects, the Minister disclosed that “So far, we have released over N700 billion in capital. All over the country, you will see projects going on. We are dealing with a lot of arrears and a lot of hidden liabilities; some of them unrecorded.

She continued: “We are beginning to see the light at the end of the tunnel. Our salary bill is already going down; our recurrent expenditure is far more controlled than it was.”

Soetan, in declaring the Institute’s support for the current anti-corruption campaign, blamed the structure that made it possible for a few Nigerians to cart away the hard earned funds meant for everybody.

The ICAN President is of the opinion that everything necessary must be done to curtail this unpatriotic act in our society.

“Let me assure you that our institute is in support of your ministry’s effort and the government‘s efforts to fight corruption. We support the government’s implementation of the Treasury Single Account (TSA), the Integrated Payroll and Personnel Information Systems (IPPIS), the International Public Sector Accounting Standard (IPSAS) and the creation of the Efficiency Unit, which you have brought to bear. We support all these measures among others. We believe you are on the right track and they are capable of taking the country out of the doldrums we find ourselves in now.”

He advised the Federal Government to constantly review its policies for effectiveness, saying, “Our view is that these initiatives call for constant evaluation to appraise their effectiveness and reshaping their operations as well.”

As financial advisory is one of our roles, as professional accountants, we are most likely to recommend that sustainable policies including putting idle assets into effective use to generate revenue should be pursued. This challenging economic situation in our country today requires sustainable policies to bring us back on our feet firmly.

There is no doubt that the injection of extra liquidity will stimulate economic activities and lead to productivity. To this end, borrowing on the short time is advisable. We are of the view that the sale of the national assets should be considered as a last option after all alternatives have been considered.”

spot_img
spot_img

Hot this week

Designing the Future: Arc Christian Benimana, Prof Taibat Lawanson to Headline Ecobank Design and Build 2025

Ecobank Nigeria has announced that celebrated architect Arc. Christian...

Sovereign Trust Insurance Wins Enactus Catalyst Award

From L-R: Victor Akinfala, Head Partnerships & Special Projects,...

SEC DG: Commission Considering Gradual Implementation of ISSB Standards

The Director General of the Securities and Exchange Commission...

Universal Insurance MD/CEO, Jeff Duru, Bags CIBN Associate Membership

  Dr. Jeff Duru Managing Director/CEO Universal Insurance Plc The Managing Director/CEO of...

Sterling One Foundation CEO, Olapeju Ibekwe, Joins Board of UN Global Compact Network Nigeria Ahead of UNGA 80

    Olapeju Ibekwe, Chief Executive Officer of Sterling One Foundation,...

Topics

Global Smartphone Market to Decline 11% over Coronavirus

The global smartphone market recovery will be impacted in...

$7m Prize to Fund African Renewable Energy Projects

Access Power, a developer, owner and operator of power...

AIICO Insurance Marks Six Decades of Excellence in Grand Anniversary Celebration!

In a recent moment filled with propitiousness, fanfare, and...

African Power Sector Outlook Optimistic: PwC

Power utility companies and stakeholders across Africa anticipate a brighter and different outlook for the sector in the decade ahead, according to a new report from PwC. Fifty one senior power and utility sector executives from 15 African countries took part in PwC’s Africa power & utilities survey. They report continued concern about some of the immediate risks to the power system, but are also optimistic about the longer term prospects for electricity in Africa.

First Bank Suffers 82% Drop in Profit, To Sack 1, OOO Staff

FBN Holdings Plc published its much awaited audited FY:2015...

BREXIT and the African Sunset!

Theresa May was sworn in as Prime Minister of...

Linkage Assurance Names Daniel Braie Acting MD/CEO

The Board of Directors, Linkage Assurance Plc has named...
spot_img

Related Articles

Popular Categories

spot_imgspot_img