Legislature
Bill to amend 59 Year-Old ICAN Act scales second reading
A bill meant to amend the 59 Year-old Institute of Chattered Accountants of Nigeria (ICAN) Act CAP 15, 1965 on Tuesday scaled the second reading at the senate.
When passed, the act will empower the Institute to set standards and regulate the practice of Accountancy in Nigeria.
The proposed legislation, among others, is seeking to increase fines payable by a member upon a conviction on indictment from N1,000 to N500, 000.00 (N.5m)
The Chairman, Senate Committee on Appropriation, Senator Solomon Adeola, who sponsored the bill, decried the lack of review of the Act that has been hampering the activities of accountants over the years.
He explained that the current ICAN Act, came into effect on September 1, 1965, some 59 years ago.
The lawmaker explained that in line with the dynamics of the environment, the downturn in the economy and changing needs of chartered accountants over the years, it has become expedient and instructive to amend certain provisions of this Act.
He also reiterated the need to insert new provisions to bring the Act up to current realities and ensure that ICAN remains adaptive, forward-thinking, and attuned to the needs of our nation.
Adeola said, “A total of 26 amendments/ insertions are contained in the proposed amendment of the Act affecting sections and subsections of the Act as well as the Schedules of the Act as set forth below with rationale to guide this debate and allow its passage for second reading.
“There is a need to situate accounting practice to encompass developments since 1965 and to bring the practice to what obtains in other jurisdictions, hence the need to amend Section 1,14, 19 and inserting a new section 15.
“All the sections deal with issues of accounting practice and all areas that a chartered accountant is entitled to practice under the Act.
“Corporate governance of modern professional accountancy organisations has evolved, hence the need to amend parts of Sections 2, 3 and 6 and inserting new Sections 24 to 26.
“For instance, Section 3 of the Act is proposed for amendment because the Council of ICAN started off with a twenty-member structure in 1965 when membership was just 250.
“The number was increased to twenty-five subsequently in accordance with the provisions of the Act. With membership strength of over 53,000 today, the need to increase the membership of the Council to 36 has become compelling.
“Additionally, the amendment aims to strengthen ICAN’s collaboration with other professional bodies and regulatory authorities, both at home and abroad.”
Adeola added that such collaborations would foster synergy, knowledge exchange, and harmonization of standards, guaranteeing that Nigerian chartered accountants remain at par with global best practices and their global counterparts.
He argued that there was a need to enhance the capacity of the institute to carry out its mandate in the area of regulation and compliance.
The Senator said, “This has necessitated the need to amend sections 7, 8,11,12, 16, 18, 20 and 21.
“A glaring example for amendment is Section 18(5). In the 59 years old Act, a proven infraction on summary conviction of any of the offenses attracts a paltry N100 fine while a conviction on indictment attracts only a fine of N1,000.
An observation of a copy of the bill indicated that the the senator proposed that the N1,000 be increased to N500,000.00.
Adeola said, “You will agree with me that these sanctions for offenses that could lead to loss of millions or billions of naira, is not a deterrent to malpractices.”
“These amendments collectively aim to strengthen the legislative framework, expand the Institute’s structure, and enhance regulatory powers and professional integrity within the accountancy profession as in other jurisdictions of the world and global best practice.”
Senators who contributed to the debate agreed that the amendments to the 59 Year-old ICAN Act would improve the operations of the accountants in the country.
***Allocates N23.96 Trillion for Capital Projects, N14.31 Trillion for Debt Servicing
The Nigerian Senate along with the House of Represebtatives have passed the 2025 Appropriation Bill, approving a record-breaking budget of N54,990,165,355,396 to finance government activities in the coming fiscal year.
The budget, titled A Bill for an Act to Authorise the Issue from the Consolidated Revenue Fund of the Federation, was approved after deliberations on its allocations and implications for economic growth, debt management, and infrastructure development.
The chairman of the National Assemble Godswill Akpabio who is also the President of the Senate gave the beakdown of the 2025 Budget to show that Statutory Transfers: ₦3.65 trillion, debt Servicing: ₦14.32 trillion, Recurrent (Non-Debt) Expenditure: ₦13.06 trillion and
Capital Expenditure: ₦23.96 trillion
The largest chunk of the budget, ₦23.96 trillion, was allocated for capital expenditure, aimed at infrastructure development, healthcare, education, and security.
This signals the government’s commitment to addressing Nigeria’s infrastructural deficit.
However, the ₦14.32 trillion earmarked for debt servicing highlights the country’s rising debt burden, sparking concerns over long-term financial sustainability.
With the National Assembly approval, the budget now awaits President Bola Tinubu’s assent, after which implementation will begin. Analysts predict a challenging fiscal year, balancing economic growth with prudent spending and debt repayment.
However, time will tell whether the historic budget will deliver on its promises, or economic realities force adjustments down the line?
***Says addittional fund is to Prioritize Infrastructure, Health, Economic Growth
The chairman of the senate committee on Appropriation Senator Adeola Solomon Olamilekan has explained the approval of the 2025 Appropriation Bill by the national Assembly which it increased from N49.7 trillion to N54.99 trillion—the highest in the nation’s history.
The adjustment followed legislative reviews that uncovered additional revenues from key government agencies.
While explaining the Budget Expansion and Revenue Sources Olamilekan indicated that the additional N4.99 trillion was sourced from Nigeria Customs Service, Federal Inland Revenue Service (FIRS) and Government-Owned Enterprises (GOEs)
These he said led to an increase in funding for critical sectors, including N1.5 trillion for Bank of Agriculture, N500 billion for Bank of Industry, 1 trillion for Ministry of Solid Minerals, N1.5 trillion for Renewable Infrastructure Fund, N300 billion – Road construction and N400 billion for Rail transport.
Others are N380 billion of Water resources, irrigation, and dam projects, N250 billion for Military barracks renovation N120 billion for New military aviation projects, N50 billion for Border security agencies
Following the suspension of U.S. health aid, which previously provided funding for HIV, tuberculosis, malaria, and polio treatments, President Tinubu approved $200 million (N300 billion) to ensure continued medical supplies and healthcare support for affected patients.
On the major Boost for Infrastructure Development he said a record N23.7 trillion has been allocated for capital projects, marking a significant leap in infrastructure investment.
He listed the areas the funds will focus on to include Roads and railways,nEducation and healthcare improvements and Other critical public infrastructure
To prevent delays in budget implementation, the 2026 budget process will begin in July 2025, with the Medium-Term Expenditure Framework (MTEF) submitted early and the Appropriation Bill expected by October 2025.
Concerns over inadequate rail infrastructure funding in the South East were raised, but legislative leaders clarified that rail projects are primarily funded through public-private partnerships (PPPs).
According to him, the 2025 budget focuses on light rail development in Lagos, Ogun, Kaduna, and Kano, while further discussions on South East projects are ongoing.
He explained that to maintain Economic Stability the budget parameters remain unchanged, with key revenue sources including FIRS increasing its revenue target to N25.1 trillion, Nigeria Customs Service boosting revenue collection through stricter enforcement and Independent revenue agencies contributing 100% of their generated funds to the federal government
The House of Representatives has directed its Joint Committee on Communications and Interior to investigate reports of unauthorized National Identification Number (NIN) linkages by telecom service providers across Nigeria.
The decision followed the unanimous adoption of a motion jointly sponsored by Hon. Patrick Umoh (APC, Akwa Ibom) and Hon. Julius Ihonvbere (APC, Edo). The House also instructed the Nigerian Communications Commission (NCC) to probe the allegations and sanction any telecom operator found guilty of violating privacy laws.
Additionally, the National Identity Management Commission (NIMC) has been asked to clarify whether telecom providers were authorized to link NINs to subscriber lines and if such actions comply with existing regulations.
Hon. Umoh raised concerns about recent reports indicating that telecom companies have linked NINs to subscribers’ SIM cards without their consent. He warned that this unauthorized linkage exposes Nigerians to criminal activities, such as identity theft, financial fraud, and other cybercrimes.
“This action is a clear violation of the Nigeria Data Protection Act 2023 and the Nigeria Data Protection Regulation (NDPR) 2019, which guarantee the right to privacy and the protection of personal data,” Umoh stated.
He further emphasized that while the NIN system was introduced to enhance national security and streamline identification processes, unauthorized linkages undermine public trust and jeopardize citizens’ safety.
“Aware that innocent citizens have been wrongly implicated in crimes, suffered reputational damage, harassment, and legal challenges for offenses they know nothing about, it is imperative that we address this issue immediately,” Umoh added.
The House has mandated the probe committee to submit its findings within four weeks, as lawmakers seek to protect Nigerians from potential data breaches and uphold the integrity of national security protocols.
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