Economy
THE Third Chairman of the Institute of Chartered Accountants of Nigeria (ICAN), Gwagwalada and District Society, Musa Dala has called on government to harmonise wages for civil servants to discourage corruption.
Dala spoke during the investiture of the third Chairman and inauguration of Executive Committee of ICAN Gwagwalada and District Society on Saturday in Gwagwalada, Federal Capital Territory.
He said there was need for the removal of fuel subsidy, saying that the Nigerian economy had suffered for a very long time.
Dala also said that government should consider harmonising civil servants wages, saying that the disparities in the wages were not encouraging.
“Because the wages system of the country encourages corruption. So if we allow this kind of wages to continue there is no way to go,” he said.
On his acceptance speech, Dala said that his team would consolidate on the achievements of his predecessor and lift ICAN Gwagwalada and District Society to a higher level.
Similarly, the guest speaker of the occasion, Prof. Obida Wafure said that the removal of fuel subsidy was a welcome development.
Speaking on the topic, “Petroleum subsidy removal and the Nigeria economy”, Wafure said that the subsidy removal would reduce government borrowing and the associated huge debt.
“It will free resources for investment to other critical sectors of the economy, such as education, health, infrastructure, security and power.
“Reduce incentive for smuggling and associate risk. It will encourage investors into the petroleum sector to boost the economy,” he added.
On the possible solutions to fuel subsidy, Wafure said that there is need for a full deregulation of the downstream sector and complete removal of petroleum subsidy.
“Remove fuel subsidy and provide credible evidence based policies. Government should redesign the subsidy regime and direct it towards the poor.
“Increase minimum wage and increase monthly income threefold for
Pay As You Earn (P.A.Y.E),” he said.
Earlier, the immediate past Chairman, Chimezie Ogu highlighted the achievements of his one year tenure.
Ogu said that during the tenure, the executive under his leadership was able to set a relevant, customised system of accounting in order to enable the District consciously practice the profession effectively.
“We earnestly embarked and built a healthy corporate image of the District within, at zonal and national levels, this is to attract responsible numerical and financial growth.
“You may recall, during my inaugural speech, I promised to ensure a District corporate office. As I speak, we have a contact Secretariat office among other achievements,” he said.
On his part, the 59th President of ICAN, Prof. Innocent Okwuosa advised the newly inuaugurated executive to work as a team in the interest of ICAN and Nigeria in general.
Represented by by Mrs Qeensley Seghosime, the 2nd Deputy Vice President, ICAN, Okwuosa said that the executive had to demonstrate integrity and accountability at all times.
“They have to demonstrate integrity at all times, they have to demonstrate accountability at all times, they have to work together as a family.
“Because that is the essence of team work to be able to deliver on their mandates,” he said.
The News Agency of Nigeria (NAN) reports that the 13-member Executive Committee under the leadership of Dala, will run the ICAN affairs in the next one year. (NAN)
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