The President, Institute of Chartered Account of Nigeria, Mr. Chidi Ajaegbu, at the induction of new ICAN members has a stark message for the Federal Government and off course the handlers if the economy. Cut Government Expenditure
Here is how he put it;
“The Federal Government must alongside the National Assembly cut costs and put necessary strategies and policies in place to mitigate the effects of the currency devaluation.
“I think the place to go to is to drastically cut down on the cost of governance. In my personal opinion, the cost of governance in this country is simply unacceptable; it’s not sustainable both in the long and short terms.
“Petroleum subsidy constitutes about 30 per cent or one-third of our total budget every year. This is an opportunity to stop spending that kind of money. I think in the next five or six months, government may need to evolve a new strategy and policy to deal with the petroleum issue we are facing now.”