ICAN Proposes Action Plan For Petrol Subsidy Removal

Accountants of Nigeria (ICAN) has put forth an eleven-point action plan to the government….

By Adaka Paul: 

After the recent elimination of subsidy on Premium Motor Spirit (PMS), commonly known as petrol, there have been diverse reactions. In response to this, the Institute of Chartered Accountants of Nigeria (ICAN) has put forth an eleven-point action plan to the government.

While the Institute appreciates the policy for addressing market distortions and preventing revenue loss, it also emphasizes the importance of alleviating the burden on the general population, particularly small businesses and vulnerable households.

Prof. Ahmed Kumshe, the Registrar/Chief Executive of ICAN, stressed the significance of engaging stakeholders through effective consultation and communication when implementing major policies. This approach will encourage support, participation, and seamless implementation.

Furthermore, Kumshe highlighted the need for the government to introduce credible measures to alleviate the impact on the most vulnerable segments of the population, extending beyond the civil service. Additionally, he emphasized the importance of maintaining transparency and accountability in all activities related to the oil and gas sector.

He stated: “Political office holders should lead by example in making the necessary sacrifice to restore the country back to the path of fiscal buoyancy. The savings from the subsidy removal and subsequent accretion to the federation account should be applied in a manner that will optimise the benefits to the people in view of their sacrifices.

“While market forces are desirable for price recovery, government needs to ensure effective regulation and monitoring to prevent manipulations and market imperfections that may lead to exploitative pricing or price collusion. 

 “The gains which are expected to accrue because of market efficiency should cascade to the people rather than for the enrichment of a few. The relevant government agencies involved in the downstream petroleum industry value-chain should aim to improve their performances not to hinder the effective operation of the sector and minimise financial burdens in the form of levies which can keep prices high”. 

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