Subsidy Removal: ICAN Chairman Advocates Living Wages For Workers
The Third Chairman of the Institute of Chartered Accountants of Nigeria (ICAN), Gwagwalada and District Society, Musa Dala has called on the government to harmonise wages for civil servants to discourage corruption.
Dala spoke during the investiture of the third Chairman and inauguration of the Executive Committee of ICAN Gwagwalada and District Society on Saturday in Gwagwalada, Federal Capital Territory.
He said there was a need for the removal of fuel subsidies, explaining that the Nigerian economy had suffered for a very long time.
Dala also said that the “government should consider harmonising civil servants’ wages, saying that the disparities in the wages were not encouraging.”
“Because the wages system of the country encourages corruption. So if we allow this kind of wages to continue there is no way to go,” he said.
In his acceptance speech, Dala said that his team would consolidate the achievements of his predecessor and lift ICAN Gwagwalada and District Society to a higher level.
Similarly, the guest speaker of the occasion, Prof. Obida Wafure said that the removal of fuel subsidy was a welcome development.
Speaking on the topic, “Petroleum subsidy removal and the Nigeria economy,” Professor Wafure said that the subsidy removal would reduce government borrowing and the associated huge debt.
He said; “It will free resources for investment to other critical sectors of the economy, such as education, health, infrastructure, security and power.
“Reduce the incentive for smuggling and associated risk. It will encourage investors into the petroleum sector to boost the economy.”
On the possible solutions to fuel subsidies, Professor Wafure said that “there is a need for full deregulation of the downstream sector and the complete removal of petroleum subsidies.”
“Remove fuel subsidy and provide credible evidence-based policies. Government should redesign the subsidy regime and direct it towards the poor.
“Increase the minimum wage and increase monthly income threefold for
Pay As You Earn (P.A.Y.E),” he said.
The immediate past Chairman, Chimezie Ogu highlighted the achievements of his one-year tenure.
Ogu said that during their tenure, the executive under his leadership was able to set a relevant, customised system of accounting to enable the District consciously practice the profession effectively.
On his part, the 59th President of ICAN, Prof. Innocent Okwuosa advised the newly inaugurated executive to work as a team in the interest of ICAN and Nigeria in general.
Represented by Mrs Qeensley Seghosime, the 2nd Deputy Vice President, ICAN, Okwuosa said that the executive had to demonstrate integrity and accountability at all times.
The 13-member Executive Committee under the leadership of Dala, will run the ICAN affairs in the next year.
NAN/ Mercy Chukwudiebere
