Vice President Yemi Osinbajo on Wednesday received a delegation from the Institute of Chartered Accountants of Nigeria (ICAN) led by its President, Mrs Comfort Eyitayo, on a courtesy visit to the Presidential Villa.
The Vice President commended the adoption of the new, innovative framework for public finance management known as the ICAN-AI (ICAN Accountability Index) and noted the proposed amendment to the Act establishing the Institute of Chartered Accountants of Nigeria (ICAN).
Prof. Osinbajo believes that the ICAN Accountability Index will improve transparency and accountability in public finance management in Nigeria.
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A statement made available to Quest Times from the Senior Special Assistant to the President on Media & Publicity, office of the Vice President, Laolu Akande, quoted the Vice President as telling the ICAN official that their public financial management efforts with the ICAN AI is an important innovation and initiative “especially because what has happened in the past was that we were generally accessed for transparency, accountability and all of that by different systems that were usually foreign.
“This (ICAN AI) is something that at least will give us our own local content to these kinds of assessments. It is something that we all need to support. I will do all I can to support the innovation,” the Vice President added.
The Vice President expressed delight with the progress of the accounting body.
“I am personally very happy to see that ICAN has grown from strength to strength, and I am particularly fascinated by some of what we are seeing especially forays into public education,” in reference to the idea of ‘ICAN on air.’
Recalling his ties with the accounting body as an examiner and lecturer over the years, the VP hoped that the proposed amendment to the Act establishing the institute would further advance the cause of public finance management as well as accounting practice in the country.
In her remarks, Mrs Eyitayo praised the Federal Government’s “consistent drive to revamp the country’s budget system, aligning with international best practice of having a January to December budget year and having Finance Acts to make the Appropriation Act more realisable.”