By Babajide Komolafe

Institute of Chartered Accountants of Nigeria (ICAN) has called on the Federal Government to revisit the KPMG audit report on fuel subsidy and implement it.

ICAN President, Prof. Francis Ojaide made this call in a statement by the Institute on the impasse on fuel subsidy removal.

While urging the Federal Government to temporarily suspend the removal of the fuel subsidy to allow for meaningful dialogue with organised labour, the ICAN President called on the government to fight curruption to block leakages and loopholes in the economy.

He said, “ Government must make concerted and visible efforts to eliminate corruption in every facet of the nation’s economy. Corruption is the nation’s prime enemy that needs to be confronted with all the arsenal of state. Our common wealth is being fleeced by a privileged few with reckless abandon.

Pitiably, those caught take advantage of the plea bargaining mechanism to escape justice. We must put an end to this and the culture of celebration of wealth without regard to source. We must resolve to build a nation founded on the virtues of honesty, integrity, transparency and accountability.

For meaningful development to take place in Nigeria, we must deliberately become foes of deceit and champions of integrity. Economic saboteurs and law breakers must be brought to justice and all loopholes for leakages must be blocked. The Federal Government should take appropriate steps to revisit KPMG Audit Report on Subsidy and implement the recommendations of the firm on the fuel subsidy issue. Here lies the ultimate economic survival of the nation.”

On the removal of fuel subsidy, Ojaide said, ´“As noted during our Institute’s 41st Annual Accountants’ Conference held from October 17-22, 2011 in Abuja, the removal of subsidy should be done not only in phases, but also, the government should endeavour to make  the  entire  process  transparent and fair, with proper accountability, disclosing  the  nature  and  amount  of  the  subsidy, the  identity  of the individuals  and entities  benefiting  from  these  subsidies and articulating  clearly the development  initiatives  into  which  the amount realisable from the removal of  subsidy  will  be  ploughed.”

While we note that the Subsidy Re-Investment (SURE) programme has been developed, publicised and a committee set up to ensure faithful implementation, the citizens should own the various projects through their active involvement in project execution to ensure value for money.

“Considering the emerging severe consequences of government policies, the palliatives announced by the government should be enhanced and coupled with the accelerated turn around maintenance of existing refineries so that importation of petrol will be a thing of the past.

“We also urge the government to strive to implement policies on infrastructural development such that the cost of doing business in Nigeria will reduce considerably. The current parlous state of our infrastructural facilities calls for urgent strategic actions.”