By Francis Akinnodi

The Institute of Chartered Accountants of Nigeria (ICAN), has advised the Federal Government to embrace the right socio-economic and political environment for attracting Foreign Direct investments (FDIs) into the country.

Secretary, Ondo State ICAN, Oke Adeyinka advocated more roles for professional accountants in government to promote accountability and transparency in management of public finances for the overall good of the citizens.

Oke emphasised that it is when the right socio-political and economic environment is in place that FDIs could flow into the country.

He argued that in an environment, where capital investment is not safe with huge infrastructure decay, it might be difficult for investors to commit funds.

Meanwhile, President of ICAN, Dr Innocent Okwuosa  observed that there was a need to include more professional accountants in government, warning: “If you neglect accountants in governance, democracy suffers.”

On the 2024 budget proposed by government, Okwuosa expressed optimism that the appropriation is realisable if avenues to increase revenue are diligently followed.

“There are avenues to increase revenue through fiscal policy reforms targeting a tax to Gross Domestic Product (GDP) ratio of 18 per cent. There are other avenues to increase revenue, which are also realisable, all things being equal, like the solid minerals sector, privatisation of government enterprises and borrowing.

“However, the type of borrowing matters. I’m also worried about the assumption of an exchange rate of N750 to a dollar. We should have two rates rather than unification of exchange rate.”

Okwuosa called for coordination of fiscal and monetary policies, as well as synergy between federal and sub-national governments through the National Economic Council, Joint Tax Board and others.

For him, the government must ensure that there is accountability and transparency in managing funds.

Okwuosa said it is through these pillars that the people can see accountability and transparency in action.

He added: “The states have not done very well in terms of accountability and transparency. In the ICAN accountability index, only Kaduna, Jigawa and Edo have exhibited transparency and accountability in the management of public funds.

“The performances of the states have not been vindicated with regards to the index. Budget should promote inclusive development and fulfill the Sustainable Development Goals (SDGs) that address issues of poverty eradication, security, good health and others.”