Accounting and the State of the Nigerian Economy: Issues of the Moment

Abstract

This paper examines the intricate relationship between accounting practices and the current state of the Nigerian economy, highlighting key issues of national concern. As Nigeria grapples with economic instability, rising inflation, currency depreciation, debt overhang, and governance challenges, the role of accounting becomes increasingly critical in promoting transparency, fiscal discipline, and investor confidence. The study explores how weak financial reporting systems, income smoothing, and limited adherence to international accounting standards contribute to economic mismanagement and public sector inefficiencies. It also evaluates recent reforms in financial regulation, the adoption of IPSAS and IFRS, and the role of professional accounting bodies in ensuring accountability and sustainability. Drawing on both conceptual and empirical insights, the paper emphasizes the urgent need for robust financial oversight, anti-corruption frameworks, and sound accounting governance as catalysts for economic recovery and sustainable development in Nigeria.

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