FEDERAL GOVERNMENT OF NIGERIA TO STOP THE BUDGETARY ALLOCATION TO PROFESSIONAL BODIES AND COUNCILS

News of the intention of the new Administration led by President Bola Ahmed Tinubu to cut cost and focus the finances on developing Nigeria has been going round Ministries, Agencies, Professional Bodies and Councils across the country. The biggest was that of fuel subsidy removal which almost brought a lot of mix feelings and outcry and now, most of the Professional Bodies ranging from Law, Accounting, Banking, Science and Technology, Health etc has been included on the list beginning from 2024. This is to understand that as from next year, Federal Government will no longer be financing any Professional Body with financial support as it has always been and the notice is to allow Bodies and Councils involved to prepare their members earlier and inform them of the tax ahead before time. The following Bodies and Councils are involved and more not mentioned here.

1. Nigerian Bar Association (NBA)

2. nstitute of Chartered Accountants (ICAN)

3. Chartered Institute of Administration (CIA

4. Chartered Institute of Bankers of Nigeria (CIBN)

5. Council of Registered Builders of Nigeria (CORBON)

6. Council for the Regulation of Engineering in Nigeria (COREN)

7. Institute of Chartered Accountants (ICAN)

8. Manufacturers Association of Nigeria (MAN)

9. Medical and Dental Council of Nigeria (MDCN)

10. Nigerian Institute of Architects (NIA)

11. Nigerian Institute of Personnel Management (NIPM)

12. Nigerian Institute of Management (NIM)

13. Nigerian Institute of Quantity Surveyors (NIQS)

14. National Teacher’s’ Institute (NTI)

15. Nigerian Medical Association (NMA)

16. Nursing and Midwifery Council of Nigeria 

17. Pharmacists Council of Nigeria (PCN)

With Federal Government intention and announcements, no Professional Boby at the moment has come out to opposed Federal Government or reject their proposal but may be for the main time, they may be meeting to take a decision and their stands, we shall wait to see how Bodies and Councils may react either to accept or seek for consideration from Federal Government as the case may be.