Fix nation’s refineries, ICAN to FG

The Federal Government of Nigeria was urged to fix the country's refineries yesterday by the Institute of Chartered Accountants of Nigeria (ICAN).

In his speech at the Institute's 2024 Annual Conference in Abuja, he made this request.

The moment has come, according to Chief Davidson Alaribe, President of ICAN, for practical steps to boost the country's economy.

"I implore you to act decisively in addressing pressing economic challenges," he declared. The nation's refineries need to be fixed, and the government needs to support private sector investment in that industry as well.

This would guarantee a sufficient supply of gasoline at reasonable costs, lowering our reliance on imports and bringing stability to the energy sector.

Examine FX again

In order to ascertain the real worth of the Naira, the ICAN President also demanded a study of the procedure used to calculate the country's foreign exchange rate.

Reviewing the current procedure for determining exchange rates is imperative.

"A comprehensive evaluation will aid in determining the genuine worth of our Naira, which is crucial for fortifying our currency, fostering investor assurance, and augmenting the general economic steadiness of our country," he declared.

Committee on National Economic Recovery

Chief Alaribe further demanded the creation of a National Economic Recovery Committee in order to assist in bringing the economy back to a growth rate that would benefit common Nigerians.

"I implore the government to form a National Economic Recovery Committee, which should include representatives from trade associations, academic institutions, traditional leaders, religious and civil society organisations, and private sector businesses," he declared.

"This committee should assess the status of the economy today and offer doable suggestions for improvement, with the guarantee that its findings will be promptly taken into account and put into practice."