In its reaction to the $800m World Bank loan taken by the Federal Government, the Institute of Chartered Accountants of Nigeria (ICAN) advised the FG to introduce credible palliatives for low-income earners beyond the civil service.
The issue of subsidy removal has dealt a heavy blow to the citizens, especially low-income earners living in cities and towns with a high cost of living.
In its recent 11-point action-plan statement, ICAN mentioned that "The government needs to introduce credible palliatives to cushion the impact on the most vulnerable population beyond the civil service."
ICAN further stated that the FG should introduce policies that will decrease the cost of transportation and food. It said the nation has accountants to help it make wise financial decisions.
The professional body further said it doesn't support borrowing $800m for palliatives since money from the subsidy removal can be used to provide palliatives for people.
It said that chartered accountants can help measure the cost of palliatives needed to support low-income earners beyond civil service, without triggering another need for subsidy.
The professional body was established in 1965 and has trained and certified thousands of its students to become professional accountants.