The presidential standard-bearer of the Labour Party (LP), Mr Peter Obi, has emphasized that the efficiency of any system is linked to the credibility of its accounting and financial prudence.
Speaking today, Wednesday, October 12, 2022, at the 52nd Institute of Chartered Accountants of Nigeria (ICAN)’s Annual National Conference, on the topic, “Accounting as a Requisite for Sustainable Governance”, the former Fidelity Bank’s boss stated that accounting is equivalent to census and the role of accounting in curbing corruption can never be overemphasized.
According to him, “I have touched on cost of governance and blocking leakages. The efficiency of any system, whether an institution or a government, is closely linked to the credibility of its accounting system. Where there is disorganization in the growth of any nation, you will always find discrepancies in the accounting practices”.
“As president, one of my priorities will be rule of law and due diligence, as well as promoting intangible assets, which are vital components of holistic security. This will also underpin public sector accountability. We will abide by the Fiscal Responsibility laws. All arms of government will be subject to routine audit. This is the only way to ascertain the veracity of procurement figures, recurrent and concurrent expenses, even constituency projects,” he said.
The former governor of Anambra state also lamented the spate of corruption, owing to incredible auditing in the civil service and public sector, which has cost the country a lot.
He further noted that his government will work with the ICAN to achieve maximum and credible financial prudence and management, if elected as the president.
While commending accountants and noting the roles they have to play in ensuring that the public sector is totally rid of corruption, he warned that accounting could also be used to abet corruption, just as it could help to fight it; thus, calling on the accountants to choose the positive path.