ICAN President Warns of Naira Devaluation After 2027 Elections
The President of the Institute of Chartered Accountants of Nigeria (ICAN), Chidi Ajaegbu, has warned that the Naira could face another devaluation after the 2027 general elections. Speaking at a public lecture, Ajaegbu expressed concern that excessive government borrowing is creating future economic risks. He cited the "reckless" borrowing during the Buhari administration as a factor that scares away investors and could lead to currency instability. While the Naira has been relatively stable in recent months, Ajaegbu fears this may change post-2027. To avoid this, he advised the government to reduce its reliance on foreign loans, which often come with high consultancy fees. As an alternative, he strongly recommended that Nigeria turn to the capital market to raise long-term funds for infrastructure development, emphasizing that this requires accountability and a strong judiciary to combat corruption.