ICAN expresses worries over 2024 budget

The president of the Institute of Chartered Accountants of Nigeria (ICAN), Dr. Innocent Okwuosa, has appealed to the federal government to be honest and prudent in managing the public purse, as he expressed concern over the unrealistic assumptions in the 2024 budget proposal.

He made this appeal at a press conference to mark the 72nd induction ceremony of the institute, which took place in Lagos.

He noted that the projected oil price of $77.96 per barrel and oil output of 1.78 million barrels per day are not in sync with the 1.38 million bpd cut by OPEC.

He said: “While the budget has received some commendations, I have some reservations about the budget assumptions, which may distort the budget figures.

“For instance, it projected a conservative oil price of 77.96 US dollars per barrel and oil output of 1.78 million barrels per day.

“However, I am aware that at the 36th OPEC and non-OPEC ministerial meeting, Nigeria’s oil production quota was slashed to 1.38 million bpd, from the current 1.74 million bpd starting in January 2024.”

He also called on the federal government to create a conducive environment for local investors to flourish rather than relying on attracting foreign direct investment (FDI.

He congratulated the new 1,888 inductees and urged them to uphold the principles that govern the profession and to keep striving for excellence in their professional journey.