The Institute of Company and Commercial Accountants (ICCA), as a result of the current economic meltdown has advised government to be more prudent with issues concerning finance, as it inducts 8 persons.

Dr. Stephen Oladoyinbo, Lecturer, Dept of Finance, Distance Learning Institute (IDL), University of Lagos, while speaking on the topic: Accountancy Profession; A necessary panacea to national growth, development and stability in a meltdown economy, in Lagos, said, the current global meltdown in which was precipitated by a burst in the speculative bubble, which developed around the US real estate market, which resulted in increased household formation and extensive legislation supporting home ownership led to a housing boom with rising demands for real estate resulted in the present situation, he stated.

For this reason, government was advised to employ the services of accountants in order to achieve coherence in posting a stringent and tailored accountancy practice, as well to achieve a desired result in prudential management.

His words, “government should be more prudent with finance, while capitalizing on the strength of accountants”
He however noted that government on their part has employed some strategies to forestall a repeat of what happened in the US, which he pointed out as the devaluation of the naira, generating more revenue through tax.

Continuing, he noted that the government has also strengthened the Federal Internal Revenue Services (FIRS), and all tax loop holes blocked, while he said government is doing the same with the Customs and other internal revenue generating agencies.

He went further to say that the Organised private sector and the unofficial sectors are also putting in place procedures and structures to add value to what they are doing in order to continue to remain in business.
All  these problems he stated can be tackled with the aid of the accountant, who ensures prudent spending of the monies accruing to government.