WELCOME ADDRESSby Alhaji Tijjani Musa Isa BSc, MIoD FCA 58th President The Institute of Chartered Accountants of Nigeriaduring the 2022 Budget Symposium- Webinartitled Budget of Fiscal Consolidation and Transition: Realism or Mirage? onFriday, November 25, 2022
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The Vice President of ICAN, Dr. Innocent Okwuosa, FCIB, FCA, who is also standing in for the pressident, Muhammad Buhari, the commander in chief, armed forces of the federal republic of Nigeria,The Chairman of Session and our revered Past President, Mr Doyin Owolabi, FCA The 1st Deputy Vice President of ICAN and the Chairman, Technical, Research & Public Policy Committee (TRPPC), Chief D.C.S. Alaribe, FCAThe 2nd Deputy Vice President of ICAN, Alhaji Haruna N. Yahaya, mni, FCAICAN Council Members Here PresentThe Keynote Speaker, Mr. Taiwo Oyedele FCA, Partner & Africa Tax and Legal Services Leader, PwC Nigeria. The Panelists:Prof Vin Onodugo, Dean, Faculty of Business Administration, University of Nigeria, Enugu Campus.Dr Chinyere Almona, FCA, the Director General, Lagos Chamber of Commerce and Industry.Dr Emmanuel Moore Abolo, the Director General, The Economic Thinkthank CentreMr Ben Akabueze, FCA, the Director General, Budget Office of the Federation.Dr Adebayo Adedokun, Special Adviser to Osun State Governor on Economic Budget & Planning, and Lecturer, Dept of Economics, OAU, Ile-Ife.The Moderator, Mr Sesan Okunade, FCA, General Manager Operations, Adroit Metering Services LimitedRegistrar/Chief Executive, Prof. Ahmed Kumshe, FCAProfessional ColleaguesMembers of the PublicDistinguished Ladies and Gentlemen,I welcome you to the virtual 2022 Budget Symposium organized by The Institute of Chartered Accountants of Nigeria (ICAN). This annual event appraises current year’s national budget and harvest experts’ views and suggestions on the Appropriation Bill for the following year. Past editions had developed recommendations that significantly impacted the country’s fiscal infrastructure and provided useful guidance for an effective and efficient budget system. On October 7, 2022, President Muhammadu Buhari presented the 2023 Appropriation Bill to the National Assembly, tagged Budget of Fiscal Consolidation and Transition. The Bill is the eighth and the last to be presented by the current administration, which would be implemented largely by another leadership. Most importantly, it was presented at a period when many economies are facing the most critical financial and economic headwinds in history. Social, financial and economic indicators are facing south while the earning potentials of most economies, and their nationals, are dwindling. Inflation is spiralling amidst rising unemployment and a more conservation growth projections. At an inflation rate of 21.09% as at October 2022, Nigerians are justifiably eager to receive a fiscal document that would provide feasible and practical steps for salvaging the economy. The foreign exchange market is resistant to the different policies of the Central Bank of Nigeria, instructive for an import-dependent nation like ours. It is against this backdrop that President Muhammadu Buhari presented the 2023 Appropriation Bill. Expectedly, the hopes were high and no sooner did the President present the Bill than various views were canvassed on its appropriateness, timeliness and realism of the budget assumptions.One of the most contentious aspect of the Bill is the fiscal deficit of N10.78 trillion, representing 4.78% of GDP. The deficit is expected to be funded through additional borrowing and proceeds from privatization. Concerns have been heightened on the sustainability of the country’s debt profile which presently stands at about N45 trillion.Today, we have the benefit of listening to experts as they provide us insights into the country’s budget process. They would also avail us a constructive critique of the 2023 Budget proposal, highlighting its potentials and drawbacks and offer us recommendations on the way forward. Once again, I thank the resource persons and Moderator for accepting to participate at this programme. I wish to particularly appreciate our Revered Past President, Mr Doyin Owolabi, FCA, for graciously honouring us to chair this session. We are grateful Sir. Distinguished participants, I implore you all to actively participate at this virtual event. Provide your suggestions on the chat box and make use of the Q&A section to ask your questions. I assure you that the Institute would harmonize all the inputs and communicate them to the appropriate individuals and agencies of government. I thank you most sincerely for your participation and God bless. Alhaji Tijjani Musa Isa, Bsc, MIoD, FCA58th President, ICANNovember 25, 2022
