ABUJA (Sundiata Post) – The Federal Government has been urged to enforce tougher penalties on anyone responsible for sabotaging efforts aimed at transforming the nation’s economy.
President of the Institute of Chartered Accountants of Nigeria (ICAN), Davidson Alaribe, made this call during a media parley, and attributed Nigeria’s economic woes primarily to corrupt government officials with personal interests.
Alaribe, who is the 60th president of ICAN, opined that the perceived leniency towards offenders had allowed these issues to fester, resulting in detrimental impact on the nation’s economic stability.
According to him, the current punitive measures were insufficient, allowing many perpetrators to evade substantial consequences for their actions.
“Our laws are too soft. If anyone is found responsible for ill-advising the government or stifling any of its policies or economic reforms, the person should be severely sanctioned.
It is a question of political will both on the part of the government and the people. Everyone needs to come together to decide on the kind of country that we want,” he said.
Citing specific examples, Alaribe pointed to the electricity sector’s unbundling process, which he described as poorly executed. He remarked that the unbundling of Nigeria’s power sector into various distribution companies (DisCos) was not done correctly, leading to inefficiencies and the eventual takeover of many companies by the Asset Management Corporation of Nigeria (AMCON) and the Central Bank of Nigeria (CBN).
He suggested that a tribunal should be established to investigate and try those responsible for misleading the government, with severe penalties for mismanagement.
“We should set up a failed transaction tribunal where they will be tried. If they misled the government, they should be jailed. The government should get to the root of it. The people who bought the distribution companies, were they qualified? What money did they use? It cannot be business as usual. Why are they not working well?”
Alaribe also stressed the need for comprehensive reforms in other areas, such as the petroleum industry and transportation,as well as supporting existing businesses, including micro, small, and medium enterprises (MSMEs), which form the backbone of the nation’s economy.
Addressing the issue of foreign exchange generation, Alaribe stressed the importance of diversifying exports beyond oil and increasing agricultural production to improve foreign exchange earnings.
“They can create a more conducive environment to aid local production, and existing businesses such as Dangote Refinery and Air Peace, among others, can be supported by the government,” he urged.
Alaribe stated that the government needed to do better in engaging with professional bodies, civil societies, the press, and, more importantly, the people, in effectively communicating their strategic plans for driving the sustainable growth of the nation’s economy.
