President Bola Tinubu says his administration has significantly reduced revenue leakages and freed up more funds for the three tiers of government to fund administrative expenses. He failed to provide details on the issue.
The President also said the "Necessary Choices, pleasant and otherwise," his administration made in the last 17 months were designed to stop the decline and put Nigeria on a path to higher, sustainable, and inclusive growth.
"Revenue bleeding has reduced, and the three tiers of Government are receiving higher allocations, which enable more support to vulnerable populations," President Tinubu said yesterday at the 54th annual accountants' conference held in Abuja.
In a swift comment on the current state of things in Nigeria, the diamond president of the Institute of Chartered Accountants of Nigeria, Davidson Chizuoke Alaribe said governance remains both a challenge and an opportunity in Nigeria even though progress has been made. "Substantial work is still needed to enhance the economic growth of Nigeria."
The ICAN president also said there is a pressing need to revisit Nigeria's current exchange rate determination process. "A thorough review will help establish a true value for our Naira, which is essential for strengthening our currency, boosting investor confidence, and enhancing the overall economic stability of our nation."
Earlier, Tinubu who was represented by the minister of budget and economic planning, Atiku Bagudu bragged that since taking office, social investment spending is increasing, the minimum wage has increased, student loans are available, and interventions to support NANO, MSME, farming, fishing, and the livestock sector have increased.
Tinubu said his vision for Nigeria's future is anchored on strengthening our institutions and nurturing a pervasive culture of accountability.
Speaking to the theme 'Governance Reimagined: Mapping the Future', a visionary concept that seeks to transform the governance landscape in Nigeria, the accountants' forum underscored the imperative to rethink the current conventional governance structures, reimagine models, and adopt innovative approaches to address emerging challenges in Nigeria.
Alaribe said the government must focus on fixing the nation's refineries and, at the same time, encourage private sector investment in the sector, a move he said will ensure an adequate supply of fuel at affordable prices, reducing the country's dependence on imports and creating stability in the energy market.
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He also urged the government to establish a national economic recovery committee, comprising representatives of professional bodies, traders, religious and civil society organisations, academia and more.
Alaribe wants the government to facilitate the establishment of a national airline through private sector participation, revitalising Nigeria's past glory in air travel. Let us give greater encouragement to Small and Medium-sized Enterprises (SMEs), which is the backbone of any economy and hold the key to sustainable economic growth.
Minister Bagudu said the government is continuing with innovative reform measures: digitisation of revenue collection and government services, consumer credit system to boost manufacturing and enable access to goods and services, mortgage system reform to provide wider opportunities for home ownership, CNG penetration to offer cheaper and alternative energy sources, and agriculture development fund to de-risk agricultural investments further.
