The Accountant-General of the Federation, Dr. Oluwatoyin Madein, has called on all levels of government to adopt a culture of savings and investment to ensure financial stability during economic challenges. Speaking at the 2024 National Council on Finance and Economic Development (NACOFED) held in Bauchi State, Madein highlighted the importance of prudent financial management and long-term planning.
In a statement issued on Thursday by the Director of Press and Public Relations, Mr. Bawa Mokwa, Madein urged governments to save during periods of surplus to create financial buffers for unforeseen economic downturns.
“Savings is good, and saving at the time of plenty is advisable. Governments at all levels should save from whatever comes to them so that they can have what to fall back on in any adverse situation,” she emphasized.
Dr. Madein underscored the need for holistic transparency and accountability, cautioning against limiting oversight to financial management.
“Transparency doesn’t end with finances; it goes round to even the storekeeper and those that manage the kitchen. Infrastructure has to be accounted for, and everything that can be used indiscriminately must be properly accounted for in a transparent manner,” she stated.
She warned that focusing solely on financial controls while neglecting other governance areas could lead to inefficiency.
“If we only build structures around how finances can be controlled, and leave the other areas without much control mechanism, then we are just doing a haphazard job. We need to build serious control measures around our assets,” she said.
Madein also stressed the importance of ensuring that assets procured with public funds are effectively accounted for, urging public officials to implement rigorous tracking and accountability systems.
“When funds are released for the purpose of increasing assets of the government, those assets must be accounted for by those that are handling them,” she declared.
The Accountant-General highlighted the need for capacity building and workforce motivation as essential steps towards achieving efficiency in managing public resources.
The 2024 NACOFED conference gathered stakeholders in finance and economic development from across Nigeria to deliberate on strategies for improving governance, resource management, and economic resilience.
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