ICAN PRESIDENT CONCLUDES ON NIGERIA'S FAILURE
BY OMOKHUALE PUAH
The President, Institute of Chartered Accountants of Nigeria (ICAN), Mr. Titus Soetan, says that dwindling oil revenue and poor savings culture by past government administrations are part of the current recession.
He made this statement during a courtesy visit to Punch Place, Ogun State headquarters of Punch Nigeria Limited, on Thursday.
Mr. Soetan said that Nigeria would have avoided the current economic recession with substantial savings into the excess crude oil account, when the price was high.
He said that despite the economic policies of the government, the economy would have never performed better because of the huge gap caused by the dwindling oil revenue.
In the words of the ICAN President, “The country would have been saved from this recession with a minimum of $100bn in the Excess Crude Account.
“This situation which has been for a while, started when we had surplus money, but did not save and did not invest wisely. In 2015, oil price was about $100 per barrel and the country produced 2.2 million barrels every day, but now, the price is at $40 per barrel, which explains the fall of our nation’s revenue by 60 per cent” he said.
According to Soetan “No matter how best the economic policy is, there is no magic that can be made by the government in transformation” he added.
In an attempt to revive the economy, He advised that the government should invest more into the economy and spend others on infrastructure.
On 46th occasion of the Annual Accountants Conference, with the theme: ‘Accountability Now Nigeria’ the ICAN President stated, that accountability and good governance is the collective responsibility of every Nigerian.
He also said that the conference which would hold in Abuja this October will be focused on ‘harnessing Nigeria’s resources for national development’.
1st Deputy Vice President of the ICAN, Mr. Rasak Olayiwola laid commendation, on the desk of the government for liberalizing the oil and gas sector by removing fuel subsidy, implementing the treasury Single Account and allowing the market forces to determine the exchange rate.