The Institute of Chartered Accountants of Nigeria (ICAN) says it has been a self-funded organisation since 1990 and does not receive any budgetary allocation from the Federal Government.

The Star had earlier reported that the Federal Government has approved the discontinuation of budgetary allocation to ICAN and other professional bodies and councils in the country effective December 31, 2026.

The government made this known in a letter addressed to the Registrar of the Nigerian Council of Food Science and Technology, an agency under the Federal Ministry of Science, Technology and Innovation.

Reacting to the development, ICAN, in a statement issued on Thursday, June 29, by its President, Innocent Okwuosa, said the Institute relies on members’ subscription, professional examination, Continuous Professional Development (CPD), and other self-financing events.

Okwuosa, who hailed the Presidential Committee on Salaries (PCS) for discontinuing budgetary allocation to professional bodies and councils, said all professional bodies, like ICAN, should be self-financing organisations.

READ ALSO: FG stops budgetary allocation to ICAN, professional bodies

The ICAN President stated that this would assist in bringing down the high cost of public governance and discourage the proliferation of professional bodies.

He said: “We want to state that once upon a time, the Institute of Chartered Accountants of Nigeria (ICAN) did indeed receive irregular meagre budgetary allocation of between N1 and N5 million a year. In 1989/90 year, ICAN voluntarily returned the cheque for the budgetary allocation back to Federal Government (FG) declaring itself a self-financed organisation.

“I want to categorically state that since 1990 to date, ICAN has been a self-funded organisation and does not receive any budgetary allocation from the FG. ICAN relies on members’ subscription, Professional Examination, Continuous Professional Development (CPD) and Faculty programmes’ net fees, other self-financing events example Annual Accountants Conference (AAC) as well as financial support from different organisations that identify with the ICAN brand.

“ICAN however welcomes the decision of the Presidential Committee on Salaries (PCS) to discontinue budgetary allocation to Professional Bodies/Councils effective 31st December, 2026. We believe that like ICAN, all Professional Bodies should be self-financing organisations.

“On no account should budgetary allocation be extended to any professional body. This will assist in bringing down the high cost of public governance which we advocate for and as well discourage the proliferation of professional bodies.

“However, we do not support the discontinuance of budgetary allocations to some Regulatory Councils that function as parastatals example the Financial Reporting Council of Nigeria (FRC) and National Council on Climate Change (NCCC).

“We will advocate for more budgetary allocations to be made to the FRC to enable it fulfil its many mandates. Similarly, given that climate change and energy transition are now burning global and local issues, the NCCC will need more budgetary allocations to be able to execute the important mandate given to it.”

The Star