ICAN Urges Federal Government to Repair the Nation’s Refineries

ICAN Urges Federal Government to Repair the Nation’s Refineries: The Institute of Chartered Accountants of Nigeria (ICAN) has urged the Federal Government to take immediate action

to restore the country’s refineries. This appeal was made by ICAN President,

Chief Davidson Alaribe, during his address at the 2024 Annual Conference held in Abuja. He emphasized the need for concrete measures to revitalize Nigeria’s economy.

Chief Alaribe stated, “It is imperative for the government to take decisive

steps to tackle critical economic challenges. Focusing on repairing the

nation’s refineries while also promoting private sector investment in this

area is essential.” He argued that such actions would ensure a sufficient supply of fuel at reasonable prices, reduce reliance on imports, and create stability within the energy market.

the reassessment

In addition, Alaribe called for a reassessment of how the foreign exchange

(FX) rate is determined in Nigeria. He highlighted the necessity of establishing the true

value of the Naira, stating, “A comprehensive review of the current exchange rate process is crucial for strengthening our currency, boosting investor confidence, and enhancing overall economic stability.”

Furthermore, he proposed the formation of a National Economic Recovery

Committee to help steer the economy towards a growth trajectory that

benefits ordinary citizens. He recommended that this committee should include representatives from professional bodies, traders, civil society organizations, academia, traditional leaders, and the private sector. According to Alaribe, this committee would analyze the current economic landscape and provide actionable recommendations for improvement, with the expectation that its findings would be promptly considered and implemented by the government.