How to strengthen the naira, economy by Deru

nairaThe President of the Institute of Chartered Accountants of Nigeria (ICAN), Otunba Samuel Deru has called on the Federal Government to beam its searchlights on blocking loopholes that encourages corrupt practices in the country.

This according to him, will help strengthen the naira thus boosting the nation’s economy.

Speaking during a visit to the Lagos Mainland and District Society (LMDS) of the association, Deru said the current administration must not devalue the naira since the country is import dependent, adding that, such attempt would create mass unemployment and increase the poverty profile of the nation.

He said government as well as accounting professionals, must brace up on the anti-corruption campaign to ensure that something is done about “people who have inherited money which cannot be talked about.”

“The Minister of Finance, Kemi Adeosun recently discovered ghost workers. That discovery has a diversifying effect on the naira and it is a plus for us as accountants. So, if we are able to save about 2.3 billion naira on a monthly basis from the discovery of the ghost worker, that is a lot of money and that is where we must take the drive from.

“As far as I am concerned, I don’t believe in devaluation of naira because you must know what you are offering before you can devalue your currency. You are not selling anything, you are even importing, so your money will be more expensive and you will create unemployment and poverty in the country. What you need is to fill up the loopholes and things that have been saddled with corruption”, Deru said, maintained.

The ICAN president, who also visited the Nigerian Bottling Company, Lagos and Federal College of Education (Technical), Lagos, explained that the association is focusing on empowering accountants with needed entrepreneurial skills that would allow members to take the lead in business initiatives capable of improving the economy of the country.

Deru said: “Accountancy is the world of business and our initiative is that accountants can move into businesses and drive initiatives for business growth in different sectors better than other professions.

“We have strong support in business initiatives and that is why I am emphasising that in my tenure. We are also going to make entrepreneurship part of our curriculum so that any accountant that is qualified would have gone through some study in entrepreneurship and they would have to choose whether they want to do business or otherwise”.

Chairman of ICAN LMDS, Rasaq Adesokan, who expressed delight over the visit, stated that the district had concluded plans to launch a cooperative society and taken the lead in the entrepreneurship plans of the association.

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