Asuquo Cletus Felix | 3rd July 2023
In a press release issued on Thursday, the Institute of Chartered Accountants of Nigeria (ICAN) firmly denied receiving any funding from the Federal Government. The statement, titled "ICAN is Not Funded from the Subvention of the Federal Government," was released by Prof. Ahmed M. Kumshe, FCA, ICAN's registrar and chief executive officer. Our correspondent obtained a copy of the press release.
The announcement came in response to reports published in The Nation newspaper and its online platform on June 29. These reports cited the Director General of the Budget Office, Mr. Ben Akabueze, who declared the discontinuation of government funding for professional bodies and councils in Nigeria starting in 2026, following the decisions made by the Presidential committees on salaries. ICAN clarified that it does not receive any funding from the Federal Government, contrary to what was mentioned in the media.
The press release also called upon The Nation newspaper to retract their publication and report the accurate information as provided in the circular issued by the Budget Office.
"The Institute of Chartered Accountants of Nigeria (ICAN) has been made aware of a media publication regarding the recent pronouncements made by the Director General of the Budget Office concerning the discontinuation of funding for professional bodies and councils in Nigeria starting from 2026, in accordance with the decisions made by the Presidential committee on salaries.
"In their reporting of this pronouncement, The Nation newspaper, in its online publication on June 29, erroneously mentioned ICAN as one of the bodies receiving funding from the Federal Government.
"We want to categorically state that ICAN does not receive any funding from the government or any other organization. Our institute is funded solely through the subscriptions paid by our members and other sources of income resulting from our partnerships with well-meaning organizations in Nigeria.
"We, therefore, urge The Nation newspaper to retract the story and report the correct information as provided in the circular issued by the Budget Office of the Federation, signed by the Director General, Mr. Ben Akabueze," the statement read.
