ICAN expresses worries over 2024 budget

The Institute of Chartered Accountants of Nigeria (ICAN) has called on the federal government to ensure transparency in managing public finance, expressing worries over the assumptions in the proposed 2024 budget.

The institute’s president, Dr. Innocent Okwuosa stated this during the press conference to herald the institute’s 72nd induction ceremony held in Lagos.

He pointed out that the proposed conservative oil price benchmark of $77.96 per barrel and daily oil production estimate of 1.78 million barrels per day do not align with the 1.38 million bpd reduction by OPEC.

“Although there are many praises for the budget, some areas of caution exist for me. First is the budget assumptions, which may affect the budget figures.

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“For example, it said a conservative oil price benchmark of 77.96 US dollars per barrel and daily oil production estimate of 1.78 million barrels per day.

“However, I understand that at the 36th OPEC and non-OPEC ministerial meeting, Nigeria’s oil production level was reduced to 1.38 million bpd, from the current 1.74 million bpd effective from January 2024,” he said.

On boosting the country’s economy, he urged the federal government to create an enabling environment for local investors to thrive as opposed to focusing on attracting Foreign Direct Investment, FDI.

He advised the new 1,888 inductees to hold on to the tenets that bind the profession, urging them not to rest on their oars in their professional voyage.