I know you're suffering, Obasanjo tells Nigerians

By Sanya Adejokun

Daily Independent, Abuja

President Olusegun Obasanjo yesterday reiterated his awareness of the deep sufferings that Nigerians are going through, but insisted that it is a necessary phase for a greater tomorrow.

"I am not unaware of the sufferings in the land. I am not unaware of the hardship the average Nigerian is going through.

"However, except a patient braces up and swallows the right pill with all its bitterness, he may never be whole. This patient called Nigeria, must live, not by chance, but by our collective will, and through the dedicated application of the right therapy which is prescribed by the new initiatives of government," the President said through his Minister of Finance, Mrs Ngozi Okonjo-Iweala, at the opening of the 33rd Annual Accountants Conference in Abuja.

He solicited the support of the accountants in the transformation of the economy through their participation in the implementation of the National Economic Empowerment and Development Strategy (NEEDS).

Obasanjo regretted that the over N18 billion investible funds so amassed through the Small and Medium Industries Equity Investment Scheme (SMEIES) have remained dormant because prospective beneficiaries lack proposals/feasibility reports that are worthy of financial assistance by the participating banks.

"I am aware of the indispensable role of chartered accountants in investment activities and the ability to impart basic business knowledge to budding entrepreneurs. I urge you to rise up to the occasion by assisting these small players in the informal sector with requisite expertise that will enable them take advantage of the funds," he said.

The President attributed poor performance of the local governments to the absence of honest and dedicated accountants, and in some cases, to the collaboration of accountants to fraudulent public officials to defraud the government.

Also in an address, the Minister of the Federal Capital Territory, Mallam Nasir el-Rufai, challenged the accountants to contribute to the development of Abuja by not only investing in it but advising their clients to expand their scope of investment in the capital city.

"Although Abuja is the city of government, the city should not be perceived erroneously as just the home of civil servants and public functionaries where industries should not be established" he declared.

He revealed that based on the original master plan, industries are envisaged to be located in specified areas where they can enjoy special benefits, adding that the plan has not changed.

Earlier in his welcome address, President of the Institute of Chartered Accountants of Nigeria (ICAN), Bashorun Jaiyeola Kofolaran Randle charged the accountants to restore the waning public confidence in them.