ICAN urges FG to engage professionals, cut cost to save economy

The Institute of Chartered Accountants of Nigeria (ICAN) has charged the Federal Government to engage more professionals in the management of the economy, cut down cost of governance and enhance initiatives that will generate more income for the country.

The Institute also said it plans to establish a digital institute to develop tech-savvy professionals for development of the profession and Nigeria’s economy.

ICAN’s 60th President, Davidson Alaribe, who stated this, yesterday, while speaking with journalists in Lagos, said that as a professional body, it had been advising the Federal Government to cut the cost of governance, and allow experts to run the economy, as there is a difference between ‘playing politics’ and running a vibrant economy.

He said that the plan to establish a digital institute was part of ICAN’s efforts aimed at updating the institute’s technological infrastructure to ensure it remains relevant and efficient, with a particular emphasis on integrating Artificial Intelligence (AI) to improve service delivery.

He said: “Anything you are doing now, if you are not digitally savvy, you are going nowhere. Our goal is to enhance the research and technical department, positioning ICAN as a hub for cutting-edge research in accounting and finance. We are also focusing on initiatives that include the pursuit of establishing ICAN University and a convention centre to further educational and professional development.

“We plan to intensify advocacy and strengthen communication with stakeholders to influence policies and promote transparency and accountability within the profession. The institute will also focus on attracting younger generations to take up accounting courses, mentoring and retaining young professionals through initiatives like the brand ambassador programme and extending the accounting technicians’ scheme across Africa,” he said.

According to him, the institute will improve operational processes to enhance members and stakeholders’ experiences, ensuring that ICAN operates with efficiency and responsiveness.

Alaribe further said that ICAN would not relent in accessing the performance of public finance in each state of the federation through its accountability index by ranking the performance of each state numerically to keep governors on their toes in ensuring accountability and transparency in management of public finance.