Index to Nigerian Newspapers

The Institute of Chartered Accountants of Nigeria (ICAN) has backed the decision of the federal government to stop funding of professional bodies and councils. The federal government recently said that budgetary allocations would no longer be made for professional bodies and councils with effect from January, 2024. The President of ICAN, Innocent Okwuosa, yesterday in a statement, said the institute was a self-financed organisation that did not depend on allocation from the government, stressing that all professional bodies should be self-financing organisations. He said that on no account should budgetary allocation be extended to any professional body as it would assist in bringing down the high cost of public governance. He, however, noted that the institute did not support the discontinuance of budgetary allocations to some regulatory councils that functioned as parastatals such as the Financial Reporting Council of Nigeria (FRC) and the National Council on Climate Change (NCCC).