ICAN Advises Tinubu on Economic Policies, Provides Economic Strategies

The President of the Institute of Chartered Accountants of Nigeria,Dr. Innocent Okwuosa, has advised President Bola Tinubu to improve the execution of his economic strategies.

This advice was given during a press conference held to mark Tinubu’s one-year anniversary in office.

Okwuosa, speaking at the briefing at Dover Hotel in Lagos, expressed his agreement with Tinubu's policy formulation but emphasized the need for enhanced implementation.

He also urged Tinubu's administration to follow the example of the Olusegun Obasanjo's government in holding people accountable for their actions.

"I believe that the president has made significant strides in formulating economic policies.

There is a lengthy list of achievements in this area. However, while there has been progress in implementing these policies, there have also been challenges and neglect in certain areas," Okwuosa stated.

Okwuosa emphasized the importance of accountability in government, particularly for an accountant like Tinubu, in order to avoid leaving a negative professional legacy.

"I would have anticipated greater emphasis on responsibility, given that we are accountants and always prioritize accountability.

The agencies are referred to as anti-corruption agencies, but I view them as agencies for promoting accountability and transparency in governance.

I expect this administration to build on the progress made during Obasanjo's time, particularly since the president himself is an accountant. This would enable us to hold individuals accountable for their actions.

We observe a lack of consequences for inappropriate conduct, and I believe this is an area that the government should prioritize. There have been inconsistencies and reversals in policies.

The President of ICAN also urged the president to review the budget and reduce government expenses in light of the significant increase in the dollar against the Naira.

He explained that the budget's assumptions must have changed, including the deviation of the exchange rate from the budget's target due to the Naira's value against other currencies.

Additionally, the projected oil production of 1.79 or 1.78 million barrels per day is not being met. Therefore, we propose that the government revisits the budget, implements the Rosania report, and reduces government expenses."