The Honourable Commissioner for Finance, Alhaji Demola Banu has lamented the dearth of chartered accountants in the country, describing it as a challenge for the country.

The commissioner stated this on Tuesday during the 2013 ICAN Schools Account Challenge held at Intercontinental Harmony Hotel along Offa garage, Ilorin.

Alhaji Banu who was represented on the occasion by Alhaji Fatai Tiamiyu said the importance of chartered accountants in the country cannot be over-emphasized.

According to the commissioner, "the survival of any viable economy rests solely on the efficiency of chartered accountants so it is disheartening to learn that they are in small numbers."

Speaking earlier, a don of the University of Ilorin, Dr. Abubakar Kasum had put the number of chartered accountants in the country at 30,000.

He said there is an urgent need to encourage students and teachers of account subject as they are the future of the profession.

The event which was organized by Novus Media in partnership with the state government and ICAN is the first of its kind in the state aimed at promoting financial literacy among secondary school students.

Abioye Oluwatoyin of Our Lady of Mount Camel Private Secondary School came first in the accounting debate while Obidare Oluwatoyin of Thomas Adewumi College, Oko came second.