The Institute of Chartered Accountants of Nigeria (ICAN) has thrown its weight behind the Senate’s decision to investigate the Ways and Means loan granted to the Federal Government during the tenure of former President Muhammadu Buhari.
In a recent statement to journalists, ICAN President Dr. Innocent Okwuosa welcomed the Senate’s inquiry, emphasizing the need for transparency and accountability in financial matters. Okwuosa urged the current CBN Governor, Yemi Cardoso, to learn from past mistakes made by the central bank and to adopt more prudent policies.
Expressing concern over the scale of the N30 trillion Ways and Means loan, Okwuosa stressed the importance of adhering to fiscal responsibility guidelines. He highlighted the necessity for oversight mechanisms to prevent the central bank from exceeding predetermined limits on lending to the government.
While acknowledging the role of Ways and Means loans in financing government deficits, Okwuosa advocated for diversification in funding sources. He recommended exploring capital market options tied to specific projects to ensure transparency and accountability in financial management.
Additionally, Okwuosa underscored the potential for increased foreign exchange earnings through strategic trade promotion within Africa. He urged Nigeria to leverage the opportunities presented by the African Continental Free Trade Agreement to boost exports and enhance forex reserves.
ICAN’s stance reflects a broader call for fiscal prudence and policy reform to ensure sustainable economic growth and financial stability in Nigeria. As the Senate investigation progresses, stakeholders anticipate greater transparency and accountability in the management of government finances, paving the way for more effective economic management strategies.
