ICAN self-funded, does not receive FG allocation, institute’s president clarifies

Institute of Chartered Accountants of Nigeria (ICAN) has clarified that it does not collect or receive budgetary allocation from the Federal Government.

In a statement, yesterday, its President, Innocent Okwuosa, said the body relies on members’ subscription, professional examination, Continuous Professional Development (CPD) and faculty programmes’ net fees, other self- financing events, such as Annual Accountants Conference (AAC), as well as financial support from different organisations that identify with the brand.

The organisation debunked a report circulating in the media that FG stopped budgetary allocation to ICAN and other professional bodies.

He said: “We observed that this information was communicated through a letter: Ref DG/BDT/GEN.CORR/2016/XII/3067, dated June 26, 2023, addressed to Nigerian Council of Food Science and Technology within the Federal Ministry of Science, Technology and Innovation, but not specifically to any professional body.

“Reading that letter, my understanding was that budgetary allocation would no longer be made to that institution effective December 31, 2026.

“We want to state that once upon a time, ICAN did, indeed, receive irregular meagre budgetary allocation of between N1 and N5 million a year. In 1989/90 year, the body voluntarily returned the cheque for its allocation to the Federal Government (FG), declaring itself a self-financed organisation.

“I want to categorically state that since 1990 till date, ICAN has been a self-funded organisation and does not receive any budgetary allocation from FG.”

He said the institute, however, welcomes the decision of the Presidential Committee on Salaries (PCS) to discontinue budgetary allocation to Professional Bodies/Councils.

“We believe that, like ICAN, all professional bodies should be self-financed organisations. On no account should budgetary allocation be extended to any professional body. This would assist in bringing down the high cost of public governance, which we advocate, and discourage proliferation of professional bodies.”