ICAN lists ways out of recession

The Institute of Chartered Accountants of Nigeria (ICAN) has listed some key policies capable of taking the country out of economic recession.

ICAN’s 52nd President, Titus Soetan told journalists in Kano that recession was not insurmountable if the Federal Government was ready to listen to professionals.

Soetan, who was represented by a member of ICAN Governing Council, Chief Oye Akinsulire, maintained that President Muhammadu Buhari also needed to engage core professionals in strategic positions and sectors.

“ICAN as a professional body has been in touch with the Federal Government and let me say that, in fairness, the present government under the leadership of President Muhammadu Buhari listens to good advice. But beyond that the government must still engage professionals.”

“Let people with the right knowledge man those professional and strategic positions in government. When you employ people with the requisite skill in those strategic sectors of our economy why would the economy not pick up? For instance, let a medical doctor manage health sector or ministry, engage a financial expert to operate the finance ministry or departments. When you have otherwise, the reverse might be the case,” Soetan said.

The ICAN chief condemned what he called the massive looting of the nation’s commonwealth, stressing this was another evil, which drove the economy into recession and declared the support of the body for the anti-graft campaign.

“Recession was a disaster waiting to happen. Imagine the massive looting and graft some few powerful people had engaged in. Why would recession not set in? The monies that were supposed to be channeled into the economy were diverted into private accounts,” Soetan said.