QUALITY accounting information has been identified as a crucial tool to address the current economic challenges facing the country, as inflation continues to challenge its purchasing power.

 

Professor Olayinka Adenikinju, who disclosed on Friday at a public lecture, organised as part of activities lined up for the 2026 investiture week of the Institute of Chartered Accountants (ICAN), Lagelu and District Society, Ibadan, Oyo State, titled: “Accounting: The Compass for Economic Navigation in Turbulent Times, said addressing the challenges demands evidence-based decision-making and evidence begins with quality accounting information.

 

“If we remain faithful to these principles, then regardless of the storms ahead, accounting will continue to provide the compass that guides our economy safely toward prosperity, resilience, and sustainable development.

 

She noted that Nigeria’s ongoing economic reforms demonstrate why accounting matters, adding that fuel subsidy reforms require transparent fiscal accounting, while exchange rate reforms require improved financial risk management.

 

Professor Adenikinju, stated further that tax reforms require accurate financial reporting, saying debt management, also, requires reliable government accounting. “Private sector reforms require stronger corporate governance. Without credible accounting systems, reform outcomes become difficult to evaluate.

 

“The image of the compass endures because a compass does not shout, flatter or panic. It simply points to the true north. Nigeria’s journey will continue to face inflationary pressure, fiscal constraint, currency uncertainty and global volatility.

 

“Accounting will not calm every storm. But without it, we may not even know where the storm has taken us. With integrity as our true north, this country can chart a steadier course toward resilience, accountability and shared prosperity.”