The Institute of Chartered Accountants of Nigeria, ICAN, has reacted to the Federal government’s discontinuation of budgetary allocations for professional bodies and councils.

In a statement on Thursday, the President of ICAN, Innocent Iweka Okwuosa, while applauding the initiative, noted that the institute voluntarily stopped the government’s yearly N1 million and N5 allocations 34 years ago.

Okwuosa’s reaction comes against the development reported by DAILY POST that the federal government had removed professional bodies and councils from a budgetary allocation from 2026.

However, ICAN said it does not support discontinuing budgetary allocations to the Financial Reporting Council of Nigeria and the National Council on Climate Change.

“We want to state that once upon a time, the Institute of Chartered Accountants of Nigeria (ICAN) received an irregular meagre budgetary allocation of between N1 and N5 million a year. In 1989/90 years, ICAN voluntarily returned the cheque for the budgetary allocation back to the Federal Government (FG), declaring itself a self-financed organisation.

“I want to categorically state that since 1990, ICAN has been a self-funded organisation and does not receive any budgetary allocation from the FG. ICAN relies on members’ subscriptions, Professional examinations, Continuous Professional Development (CPD) and Faculty programmes’ net fees, other self-financing events such as Annual Accountants Conference (AAC), and financial support from organisations that identify with the ICAN brand.

“However, we do not support the discontinuance of budgetary allocations to some Regulatory Councils that function as parastatals example, the Financial Reporting Council of Nigeria (FRC) and National Council on Climate Change (NCCC).

“We will advocate for more budgetary allocations to the FRC to enable it to fulfil its many mandates. Similarly, given that climate change and energy transition are now burning global and local issues, the NCCC will need more budgetary allocations to execute its important mandate.”

https://www.google.com/amp/s/dailypost.ng/2023/06/29/ican-reacts-as-fg-removes-professional-bodies-councils-from-budget-funding/%3famp=1

Previous Thread:
https://www.nairaland.com/7746170/fg-discontinues-funding-professional-bodies#124106337

Meaning that human ghosts in the Nigerian Government have been been collecting the subsidy. The corruption in this country is monumental.

Sakamaje.

Make una turn una agencies and institutions to money making one not just be collecting from FG without returning

helinues:
Sakamaje.

Make una turn una agencies and institutions to money making one not just be collecting from FG without returning

did u read d part where it was mentioned that they are self financing, or d English too big.
No let sycophancy break ur neck.

rexlims:
did u read d part where it was mentioned that they are self financing, or d English too big.
No let sycophancy break ur neck.

Wait for other agencies to claim the same.

Sebi FG who included them don drink ogogoro

ICAN is a good example on how a professional body should operate. No responsible professional body should rely on Federal government for funding. They should all be able to generate enough revenue to meet their financial obligations.

Almost every sector has been enjoying awoof money at the expense of the common masses. Little wonder they're laid back and largely unproductive.

Then, so, where hv the money budgeted and disbursed been going to over the years...chaiiee, this country is sook corrupt and it's painful to watch, In a sane country Someone should be in prison for this but not in Nigeria... This country will implode and drown in it's own corruption...


Pls my people, in all humility, I need your help, check my signature below⤵️⤵️

People in the government have been eating it since the 90's

rexlims:
did u read d part where it was mentioned that they are self financing, or d English too big.
No let sycophancy break ur neck.

Helienus does not read, all he does is to make FP and this govt will favor him.

Wait ooo! Where is our darling daddy crooner?

helinues:


Wait for other agencies to claim the same.

Sebi FG who included them don drink ogogoro

Do you know how much ICAN makes on subscriptions and exam fees?
Oga, ICAN financial statements are in public for you to review and stop being unprofessional. Anyway, we know the stock you are chipped from.

Validated:


Do you know how much ICAN makes on subscriptions and exam fees?
Oga, ICAN financial statements are in public for you to review and stop being unprofessional. Anyway, we know the stock you are chipped from.

How much do they remit back to FG yearly?

helinues:

How much do they remit back to FG yearly?

Why should they remit money to government as what? Government parastatal? Do you even understand what is meant by body corporate?

Validated:


Why should they remit money to government as what? Government parastatal? Do you even understand what is meant by body corporate?

Corporate body but getting subsidy from FG.

Are you kidney yourself?

ICAN members pays heavily every year

every professional body should follow same

chokekachy:


https://www.google.com/amp/s/dailypost.ng/2023/06/29/ican-reacts-as-fg-removes-professional-bodies-councils-from-budget-funding/%3famp=1

Previous Thread:
https://www.nairaland.com/7746170/fg-discontinues-funding-professional-bodies#124106337

BAT wan score cheap point. May be some dey chop de money.

So someone has been chopping the money lol. Thanks for the clarifications o. I was expecting our annual subscription as ICAN members to increase 😅

I am even shocked to hear that FG has been subsidizing professional bodies cause membership to these bodies doesn't come cheap. The money they generate from annual dues, participation in seminars and conferences like CIPMN is enough to be self-sufficient.
Let FG go look for the thieves who have been receiving the fraudulent subsidies.

Some civil servants have been pocketing it all these years.

V

Hmmmm.

It means therefore that government does not know which who and who they finance. Maybe they did not do proper checking.

Anyway, let them keep playing to the gallery. They appear to skilfully avoid those areas where they commit all the ojoro.

Good to hear that from ICAN.

Just imagine... Corruption will be the end of this country... What if the crude oil dry today... What happens next?

who's lying then