The Institute of Chartered Accountants of Nigeria has emphasized the importance of accountability and transparency in governance, stating that these principles are crucial for sustainable national development. According to the institute, Nigeria’s recent economic gains could be reversed without strong governance frameworks and fiscal discipline.
At the ICAN’s 2026 Economic Outlook, held as part of the institute’s 60th anniversary celebrations, President Haruna Yahaya urged government, public institutions, and citizens to prioritize accountability. He noted that Nigeria’s economy showed signs of stabilization in 2025, with real GDP growth rising above four percent in the second quarter, driven by improvements in manufacturing, trade, and services.
However, Yahaya cautioned that these gains are fragile and must be safeguarded through accountability and credible institutions. He emphasized that accountability is not just a governance ideal, but an economic imperative, and that weak enforcement of laws, corruption, and poor financial transparency continue to erode public trust and slow national development.
The institute’s Accountability Index, introduced in 2017, was cited as a practical tool for measuring fiscal transparency and public-sector performance. Yahaya stressed that accountability must be measurable and enforceable to deliver tangible results. Prof. Taiwo Oyedele, Chairman of the Presidential Fiscal Policy and Tax Reforms Committee, delivered the keynote address, highlighting the critical link between reform and results.
Oyedele explained that national development goes beyond GDP growth and must translate into improved citizens’ well-being, including better education, healthcare, infrastructure, governance, and social protection. He identified accountability as encompassing transparent reporting, answerability to citizens, and responsibility for outcomes, noting that countries with strong institutions, public trust, and ethical systems tend to achieve better economic and social outcomes.
The emphasis on accountability and transparency is significant, as Nigeria seeks to build on its recent economic gains and achieve sustainable development. The institute’s call for accountability and good governance is a reminder that economic progress is closely tied to the presence of strong institutions and transparent systems. As Nigeria moves forward, it is essential that government, public institutions, and citizens prioritize accountability and work towards creating a more transparent and responsible governance framework.
