The Institute of Chartered Accountants of Nigeria (ICAN) has called on the World Bank to approve loans for the federal and state governments in Nigeria based on their performance rankings on the ICAN Accountability Index.

Dr. Innocent Okwuosa, the President of ICAN, made this request during a courtesy visit to the Country Director of the World Bank, Mr. Chubham Chaudhuri, in Abuja.

The ICAN Accountability Index is a tool initiated by ICAN to promote best practices in Public Finance Management (PFM) and ensure accountability within the Nigerian economic system.

Okwuosa emphasized that corruption, unaccountability, and poor financial management are systemic issues that hinder the achievement of the UN sustainable development goals in Nigeria.

ICAN’s Accountability Index, with its comprehensive scope, including five pillars, 25 indicators, and 70 dimensions scaled across federal, state, and local governments, has been acknowledged as a more suitable framework for Nigeria compared to other similar initiatives.

The index relies on publicly available financial data, and ICAN encouraged stakeholders at all government levels to cooperate with assessors and provide the necessary information.

The institute commended the positive progress made in the availability of financial information, with an average of 50% of the required information provided in the 2020 assessment.

This demonstrated an increased level of awareness and compliance with laws and regulations mandating the availability of such information to stakeholders.

ICAN’s Accountability Index has gained endorsement from various local and international organizations, and Okwuosa sought the World Bank’s collaboration to ensure compliance with best practices in Public Finance Management in Nigeria.