Members Urge ICAN to Sponsor Bill on Budgetary Reform

•Tell banks to increase agricultural loans

Dike Onwuamaeze

The Institute of Chartered Accountant of Nigeria (ICAN) has been charged by its members to sponsor a bill in the National Assembly that would advocate for budgetary reform in the country.

The charge was contained in the communiqué of the recent 53rd Annual Accountants Conference of the ICAN that attracted 8,074 delegates with the theme “Nigeria: Imperative of Inclusive Development,” which also charged governments at all levels to recognise the need to foster a culture meritocracy and gender based diversity.

The communiqué of the conference, which was made available to journalists in Lagos, by the 59th President of ICAN, Dr. Innocent Okwuosa, also called government’s attention on the need to address the multidimensional poverty and socio-economic challenges plaguing 133 million Nigerians.

The communiqué stated: “In the interest of the public, it is suggested that the ICAN should take the initiative to sponsor a bill aimed at reforming Nigeria’s budgetary system. Such reforms are essential to enhance transparency and efficiency in budget management.”

It also stated that, “the conference encourages financial institutions to have confidence in lending to farmers. This is crucial for agricultural development and food security.

“The following strategies can be applied to achieve this: risk assessment and management, collateral alternatives, agricultural training and education, flexible loan products, interest rate subsidies from government, monitoring and evaluation among other strategies.”

The communiqué also “highlighted the stark reality that around 133 million Nigerians are grappling with multidimensional poverty.”

It attributed the dire poverty in the country to several interconnected issues that included insecurity, food scarcity, low revenue, high public debt, reduced investments, limited foreign exchange inflow and decline in domestic capital formation.

“Therefore, there is an urgent and compelling need for all hands to immediately get on deck to arrest this situation,” it said.

Furthermore, “participants at the conference recognised the need to foster a culture of meritocracy and gender based diversity, ensuring that opportunities are granted to the most qualified individuals.

“They urged Nigerians to embrace the country’s rich diversity and advocate for inclusion in all aspects of life while celebrating those who demonstrate unwavering integrity against all odds.”

The communiqué further called on the government to embrace transparency, accountability and human capital development, arguing that, “transparency and accountability were identified as mutually reinforcing elements critical for effective governance.”

It noted that the conference, “enphasised that public trust is more readily earned when there is transparency and accountability. Additionally, it stressed the importance of integrity in advancing the country’s development.”

The conference, therefore, called on professional accountants, “to be champions of accountability, transparency and trust in their respective domains,” encouraging them “to actively engage in promoting good governance, recognising that their skills and expertise are invaluable in shaping the nation’s progress.”

“Furthermore, the conference recognised the paramount role of human development in driving increased productivity, economic growth and social cohesion. It underscored that recognising and appreciating talent is essential to retaining and rewarding it.”

The conference, according to the communiqué, expressed concern that enough attention has been not given to mental health issues in the workplace. “We strongly urge the implementation of measures to comprehensively address these issues. By doing so, we can foster a healthier, more supportive work environment and prevent serious conditions such as depression, suicidal thoughts and other mental health challenges.”