The FG through MBNP has announced the discontinuation of funding for Professional Bodies/Councils in Nigeria from the 2024 budget.
Professional bodies are institutions established for regulatory purposes. They decide, maintain and regulate the ethics of practice and conduct of professionals in their profession. Almost all the professions in Nigeria have regulatory bodies and some have been running on the government’s budgetary allocation.
Below is the list of some affected bodies;
-Nigerian Bar Association (NBA)
-Institute of Chartered Accountants (ICAN)
-Chartered Institute of Administration (CIA
-Chartered Institute of Bankers of Nigeria (CIBN)
-Council of Registered Builders of Nigeria (CORBON)
-Council for the Regulation of Engineering in Nigeria (COREN)
-Institute of Chartered Accountants (ICAN)
-Manufacturers Association of Nigeria (MAN)
-Medical and Dental Council of Nigeria (MDCN)
-Nigerian Institute of Architects (NIA)
-Nigerian Institute of Management (NIM)
-Nigerian Institute of Quantity Surveyors (NIQS)
-National Teachers’ Institute (NTI)
-Nigerian Medical Association (NMA)
-Pharmacists Council of Nigeria (PCN)
-There are many more, some even with overlapping functions and duplications.
This is in line with FG’s plan to cut expenses and free up spaces in their finances for better service delivery.
The members of this body should expect a hike in their license/dues charges from 2024 to enable the bodies to carry out their operations accordingly. The bodies will now have to be more accountable than before because of how strict they will make things for their members who will in turn expect accountability and transparency.
The negative cons of this is that the bodies will now focus more on revenue generation than their statutory mandate of regulation which will affect the standards of practice for their members and result to substandard dispensation. And this may likely affect the standards of service delivery across the professions in the country due to improper appraisal and regulation of the professionals.
Another money-saving or cost-transfer (Capitalistic) policy. Such policies are good for the government and bad for the people. And their advantages and disadvantages are determined only by the beneficiaries and victims.
