At ICAN Conference, Tinubu Vows to Continue with Innovative Reforms to Plug Revenue Leakages, Achieve Inclusive Growth, Others

•Accountability, transparency non-negotiable, says AGF 

•Alaribe seeks decisive action to address critical economic challenges, says government must fix refineries, boost private sector investment

James Emejo in Abuja

President Bola Tinubu yesterday vowed that his administration will sustain current “innovative reform measures” to entrench transparency and accountability in the system, and reposition the economy to achieve inclusive growth.

The president spoke at the opening of the 54th annual Accountants conference with the theme, “Governance Reimagined: Mapping the Future”, organized by the Institute of Chartered accountants of Nigeria (ICAN) in Abuja.

He said though the Renewed Hope agenda remained his government’s strategy for Nigeria to confront her reality, “we are not where we want to be, we are not growing fast enough, and decades of underinvestment have limited the economy from delivering on its potential”.

Nevertheless, Tinubu said the necessary choices, pleasant and otherwise, which were implemented in the last 17 months were designed to stop the country’s decline and put position it on a path to higher, sustainable, and inclusive growth.

Represented at the event by the Minister of Budget and Economic Planning, Senator Abubakar Bagudu, the president said it was encouraging that GDP growth for the first and second quarters of 2024 was positive while inflation had turned downwards, adding that the Foreign Exchange (FX) market was also stabilising amid encouraging investment signals.

Specifically, Tinubu said government will continue with current digitisation of revenue collection and government services, strengthen consumer credit system to boost manufacturing and enable access to goods and services, and sustain the mortgage system reform to provide wider opportunities for home ownership.

He said the federal government will also enhance CNG penetration to offer cheaper and alternative energy sources, as well as increase the agriculture development fund to de-risk agricultural investments further.

The president said, “Our reforms include removing punitive subsidies to the economy. Revenue bleeding has reduced, and the three tiers of Government are receiving higher allocations, which enable more support to vulnerable populations.

“Social investment spending is increasing, the minimum wage has increased, student loans are available, and interventions to support NANO, MSME, farming, fishing, and the livestock sector have increased.

“Our collective vision for Nigeria’s future is anchored on strengthening our institutions and nurturing a pervasive culture of accountability.”

He said his administration was committed to leveraging cutting-edge technologies to boost transparency and efficiency and cultivate strategic partnerships that pave the way for sustainable development.

The president pointed out that the theme of the conference captured government’s aspirations and marked a significant milestone in the journey towards refining governance and fortifying accountability across our great nation.

He said, “As we convene in this esteemed assembly, I would like to pose a question: How can we, as stewards of governance and accountability, harness our collective expertise to foster a more transparent, efficient, and equitable society?

“Your role as accountants in cultivating transparency, upholding integrity, and managing our nation’s resources adeptly is indispensable.  Your expertise does not merely shape our economic landscape-it fortifies the foundation of trust upon which our societal progress is built.”

He noted that the conference was particularly taking place at a time when the governance landscape is dramatically evolving, presenting challenges and opportunities that demand innovative solutions and proactive strategies.

According to him, the advent of emerging technologies opens new avenues for enhancing accountability and transparency, adding “We must foster robust collaboration and networking among policymakers, regulators, and professionals to harness these opportunities effectively”.

Tinubu said the accounting provides practitioners with the skill set to appreciate a company or government strategy, pointing out that “Some of you are at the heart of or have been involved with turnaround for companies and choices necessary for survival in a competitive environment”.

He, therefore, charged the participants to develop actionable plans to lead the country towards a future where governance is synonymous with integrity, transparency, and accountability.

In her remarks, the Accountant General of the Federation (AGF), Dr. Oluwatoyin Madein, said accounting remained at the heart of financial reporting, transparency and accountability which are key in shaping the future.

She said accountants have the responsibility to foster trust in government and contribute to sustainable development, adding that accountability and transparency are non-negotiable in both the public and private sectors.

The AGF noted that the future of governance cannot be separated from the role of accountants, urging them to promote judicious use of public funds and minimize waste, as well as embrace digital innovation.

According to her, governance loses its foundation when financial accuracy and integrity are sacrificed.

Madein noted that the success of current government reform was predicated on fairness, honesty and accountability of the accounting profession, stating that practitioners remained custodians of trust, who are required to uphold the highest ethical standards at all times.

On his part, however, ICAN President, Chief Davidson Alaribe, called for a decisive action in addressing critical economic challenges, adding that government must focus on fixing the nation’s refineries and, at the same time, encourage private sector investment in that sector.

He said would ensure adequate supply of fuel at affordable prices, reducing the country’s dependence on imports and creating stability in the energy market.

Alaribe said there was a pressing need to revisit the current exchange rate determination process, stressing that a thorough review will help establish a true value of the Naira, which is essential for strengthening currency, boosting investor confidence, and enhancing the overall economic stability of our nation.

The ICAN president also stressed that the public sector must be service-oriented and accountable, guided by clear Key Performance Indicators (KPIs), and ensuring that public resources deliver real value to the people.

He said the private sector, in partnership with the government, must innovate and invest in key areas of the economy to boost productivity and foster sustainable growth.

He further urged the government to establish a National Economic Recovery Committee, comprising representatives of professional bodies, traders, religious and civil society organizations, the academia, students, traditional rulers, and private sector organizations.

The proposed committee, he said, should analyse the current state of the economy and provide actionable recommendations for improvement, with the assurance that its report will receive prompt consideration and implementation.

Furthermore, he said government should facilitate the establishment of a National Airline through private sector participation, revitalising the country’s past glory in air travel.

He also called for greater encouragement to Small and Medium-sized Enterprises (SMEs), which remained the backbone of any economy and hold the key to sustainable economic growth.