The newly-elected President of the Institute of Chartered Accountants of Nigeria, Mr. Titus Soetan, has asked the Federal Government to plug leakages in public sector in order to raise the needed funds for the execution of its projects.
He said the decline in oil revenue had made it imperative for the government to block all forms of wastages in the system.
Soetan, who spoke in Lagos during his investiture as the 52nd president of the accounting body, linked the current economic challenges to the failure of past leaders “to save for the raining days.”
He said the decline in oil revenue had made it imperative for the government to block all forms of wastages in the system.
Soetan, who spoke in Lagos during his investiture as the 52nd president of the accounting body, linked the current economic challenges to the failure of past leaders “to save for the raining days.”
He said, “The shortfall in government revenue caused by the decline in the price of crude oil is affecting a lot of things. State governments are not able to pay salaries, while there has been an increase in unemployment, deficit infrastructure. These are challenges facing our economy.
“We can’t put the blame on the present government but accumulated lack of leadership progressiveness. When we had the revenue, when our oil was sold above $100, what did we do with the money? No savings. I think what we should and can do is to encourage the present government to plug all leakages.”
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