New President of the Institute of Chartered Accountants of Nigeria (ICAN), Comfort Eyitayo,has advised Nigeria to stop engaging in borrowing to finance consumption in the country.
She gave the advice while speaking during her investiture as the 57th President of the Institute at the ICAN Special Council Meeting held in the Council Chamber of the Institute in Lagos
She maintained that borrowing to fund consumption should be discouraged notwithstanding the fact that the debt to gross domestic product (GDP) ratio is within acceptable fiscal and economic limits.
She added:“In any case, what does the gross domestic product mean to the common man when inflation is over 18 percent and he cannot afford three square meals? We would also liaise with standard setters and regulators to review the nation’s corporate reporting framework such that sustainability metrics are required of listed entities.
Eyitayo asserted that as Professionals and expert risk managers, the institute is aware of the causal relationship between poverty, hunger and crimes.
She expressed disgust over the increasing hunger and anger of the unemployed and poor citizens, saying they are manifesting in increased crimes and criminality in the country.
She disclosed that the Institute will collaborate with the government to evolve better strategies that will address the underlying causes of insecurity, than the mere distribution of material and financial palliatives.
She said:“We must teach Nigerian youths how to fish rather than give them fish, for the economy to tide over these challenges in the shortest possible time. To this end, the Institute will engage the government and critical stakeholders with a view to resolving the crucial issues of state and the economic malaise of under development”.
On the recent report by the Nigerian Bureau of Statistics,which it said that about 23m Nigerian youths are currently unemployed,the ICAN boss said the development would not improve so soon.
According to her:“There is no reason to believe that the situation will improve in the near term neither can we also pretend that chartered accountants are not part of this unemployed army of Nigerian youths. Indeed, many of our young members are unable to secure paid employment not because they are not brilliant but because they cannot find any place to acquire practical training.
“In essence, their competences need to be rejigged. Although the competence framework in our qualifying examinations have been reviewed, the Council under my leadership will create an Entrepreneurship Centre where these young members will be given practical or hands-on training to enable them set up their businesses and become employers of labour.
She implored accountants to take on the challenge of setting a new agenda for national rebirth which will include achieving sustainable development for this generation without impairing the capacity of future generations to enjoy nature’s abundant resources.
