During a recent interview at the opening of the 54th Annual Accountants Conference in Abuja, President Bola Tinubu outlined his administration’s commitment to transparency and accountability as non-negotiable principles. He highlighted ongoing reform measures aimed at revitalizing Nigeria’s economy and fostering inclusive growth, despite acknowledging the challenges the country faces.
“While we have made strides, we are not yet where we aspire to be,” Tinubu remarked, stressing that decades of underinvestment have hindered economic progress. He emphasized that the necessary choices made over the past 17 months were intended to reverse the country’s decline and set it on a sustainable growth trajectory.
Represented by Senator Abubakar Bagudu, Minister of Budget and Economic Planning, Tinubu reported positive GDP growth for the first two quarters of 2024, alongside a decrease in inflation and a stabilizing foreign exchange market. He outlined specific initiatives aimed at enhancing economic support, including a digitized revenue collection system, improvements in the consumer credit system, and reforms in the mortgage sector to increase access to home ownership.
The president highlighted the government’s focus on alternative energy solutions, such as expanding compressed natural gas (CNG) usage, and boosting agricultural development funding to mitigate investment risks in that sector. He stated, “Our reforms have involved eliminating burdensome subsidies, resulting in reduced revenue loss and higher allocations for all tiers of government to support vulnerable populations.”
Emphasizing the importance of accountability, he posed a thought-provoking question to the audience of accountants: “How can we, as stewards of governance, harness our collective expertise to promote a more transparent and equitable society?” He underscored the essential role accountants play in enhancing transparency and integrity, stating that their expertise is critical in fostering trust and driving societal progress.
Dr. Oluwatoyin Madein, the Accountant General of the Federation (AGF), reinforced this sentiment, asserting that accounting is crucial to financial reporting and accountability across sectors. She urged accountants to uphold public trust by advocating for the responsible use of public funds and embracing digital innovations. “When financial accuracy and integrity are compromised, governance loses its foundation,” she warned, emphasizing the ethical standards required from accounting professionals.
In a separate address, Chief Davidson Alaribe, President of the Institute of Chartered Accountants of Nigeria (ICAN), called for decisive actions to tackle urgent economic challenges. He stressed the importance of repairing the nation’s refineries and encouraging private sector investment to ensure a stable supply of affordable fuel, reducing reliance on imports.
Alaribe also advocated for a review of Nigeria’s exchange rate determination process, arguing that establishing a true value of the Naira is vital for strengthening the currency and boosting investor confidence. He insisted that the public sector must prioritize service and accountability, guided by clear Key Performance Indicators (KPIs) to ensure real value for public resources.
Calling for collaboration between the government and the private sector, Alaribe proposed the creation of a National Economic Recovery Committee. This committee would consist of diverse representatives tasked with analyzing the economy and providing actionable improvements. He further encouraged the establishment of a National Airline through private participation and highlighted the need for greater support for Small and Medium-sized Enterprises (SMEs), recognizing their role as the backbone of sustainable economic growth.
As the conference unfolded, both government officials and accounting leaders acknowledged the critical intersection of governance, accountability, and economic stability, emphasizing a collective commitment to navigating the challenges ahead.
