At ICAN Conference, Tinubu Reaffirms Commitment to Strong Institutions, Reforms, Inclusive, Sustainable Devt

•Hails accountants’ contribution to national growth, resilience of Nigerians in difficult times, tasks ICAN on ethical conduct, accountability 

•ICAN president: No progress without stronger institutions, coherent execution, declares poverty still high

James Emejo in Abuja

President Bola Tinubu yesterday, reiterated his administration’s full commitment to building institutions that work, drive reforms that matter, and foster inclusive and sustainable development.

The president said Nigerians remained the country’s greatest assets, noting that with its vast human and natural resources, Nigeria had demonstrated remarkable strength in weathering global disruptions.

He spoke at the opening of the 55th Annual Accountants Conference with the theme, “Building Resilience – Aligning Reforms for Nigeria’s Development”, organised by the Institute of Chartered Accountants of Nigeria (ICAN) in Abuja.

Represented by the Accountant General of the Federation (AGF), Mr. Shamsedeen Babatunde Ogujimi, the president noted that over time, Nigerians have demonstrated extraordinary tenacity, innovation, hard work, and hope in overcoming all challenges.

Therefore, he stressed that resilience must be supported by robust and adaptable systems that can thrive in uncertainty.

Tinubu said, “As a Nation, we continually find ourselves navigating a period of profound domestic and global disruptions. It is, therefore, in moments such as these that resilience must be viewed as a strategic necessity, not just a concept.

“The theme reaffirms our shared responsibility and collective resolve to strengthen Nigeria’s economic foundations and governance framework.

“Resilience demands sustainable practices that entail thinking beyond immediate gains. It is generally considered to be the ability of individuals, institutions, and nations to absorb shocks, adapt to challenges, and emerge stronger.”

The president pointed out that economic downturns, the global pandemic, fluctuations in oil prices, insecurity, and structural imbalances have so far tested the country’s resilience.

He said ICAN remained one of the pillars of socio-economic development, with a deep history ingrained in the country’s developmental trajectory.

He urged the institute to continue leading the charge in promoting ethical conduct, advocating for sound financial reforms, and supporting policies and programme that guarantee long-term development.

The president said, “Never forget that the integrity of our financial reporting depends on you; the success of our public sector financial management reforms depends on you; likewise, the confidence of foreign and domestic investors depends on your professionalism.”

He said, “I salute the founding fathers, Chief Akintola Williams, F.C.O. Coker, of blessed memory, and others for their vision. I congratulate the current leadership and all members for upholding the founding principles of integrity, objectivity, and professional competence and for their unwavering commitment to advancing our nation’s accounting profession over the decades, which has contributed immensely to national growth and development.”

Tinubu also said his administration was aligning reforms for the country’s development by embarking on reforms aimed at transforming the economy and improving the lives of Nigerians through economic diversification, human capital development, social protection, infrastructural development and private sector growth.

He said, “To align these reforms with our development goals, we must foster a culture of innovation by encouraging entrepreneurship, research and development, promoting transparency and accountability, ensuring prudent management of public finances and resources, enhancing security and stability, and ensuring a safe and secure environment for citizens and businesses.”

He said, “For governance to be effective, it must be accountable to the people it serves. Accountable governance encompasses responsive and responsible leadership, robust and incorruptible institutions, and systems guaranteeing checks and balances.

“Nigeria’s development agenda will only succeed when the public and private sectors uphold the highest standards of accountability and transparency.

“Accountants contribute to this through their role in financial oversight, compliance enforcement, and policy advisory services, ensuring that every naira is accounted for and every public financial management process withstands the scrutiny of accountability.

“A transparent and accountable governance architecture is crucial for reducing poverty, expanding economic opportunities, and promoting social justice.

The president also promised that he remained committed through the Office of the Accountant-General of the Federation, to supporting the institute.

In his remarks, ICAN President, Mallam Haruna Nma Yahaya, said the theme of the conference speaks to an urgent national assignment, noting that as Africa’s largest economy and most populous nation, with a population of about 240 million, Nigeria will undergo rapid demographic and socio-economic change over the next three decades.

He said without stronger institutions and coherent execution, the country’s “potential does not become progress”.

 He said, “This week, we will take a hard look at the structures and disincentives that hold Nigeria back – and how to unfasten them and make Nigeria great again.

“Since May 2023, the Federal Government of Nigeria has chosen hard truths over easy illusions by taking tough decisions such as removal of fuel subsidy that drains about two per cent of GDP each year; unifying a distorted FX market; tightening fiscal discipline; reforming tax landscape and increasing revenue mobilisation.

“These steps expanded fiscal space and supported a growth pickup in late 2024. But our people are still feeling pain – headline inflation peaked above 34 per cent in December 2024; food prices increased, though coming down gradually, poverty edged higher.”

He said, “Nigeria’s choices ripple across ECOWAS, AfCFTA, and global value chains. If we get this right – transparent savings, credible tax reform, bank recapitalisation with stronger governance, and power sector fixes – Africa’s integration gets a boost.

“Our agro-processing, creative industries, digital services, and light manufacturing can anchor regional value chains. For the world, a stable, growing Nigeria reduces risk, opens markets for renewable technologies, and creates investable climate-adaptation projects – strengthening Africa’s voice in rule-setting, from sustainability assurance (ISSB) to AI governance. J-curve or L-curve – our choices decide.”