…Urges review of FX rate determination …National Airlines, Economic Recovery Cmttee

By Emma Ujah, 

The Institute of Chartered Accountants of Nigeria (ICAN), yesterday called on the Federal Government to fix the nation’s refineries.    

Making this call in his address at the   2024 Annual Conference of the Institute at Abuja,

ICAN President, Chief Davidson Alaribe, said it is   times for concrete actions to revive the nation’s economy.  

He said, “I urge you to take decisive action in addressing critical economic challenges. The government must focus on fixing the nation’s refineries and, at the same time, encourage private sector investment in that sector.  

“This will ensure an adequate supply of fuel at affordable prices, reducing our dependence on imports and creating stability in the energy market.  

Revisit FX

The ICAN President also   called for a review of the process of determination the foreign exchange rate in the country in order to establish the true value of the Naira.  

“There is a pressing need to revisit the 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,” he said.  

National Economic recovery Cttee

  Chief Alaribe also called for the establishment   of a National Economic Recovery Committee to help return the economic to a growth level that would positively impact ordinary Nigerians.

He said, “I urge the government to establish a National Economic Recovery Committee, comprising representatives of professional bodies, traders, religious and civil society organizatioasns, the academia, students, traditional rulers, and private sector organizations. 

“This committee should analyze the current state of the economy and provide actionable recommendations for improvement, with the assurance that its report will receive prompt consideration and implementation.”