The Accountant-General of the Federation, Dr Oluwatoyin Madein, has urged governments at all levels to embrace a culture of savings and investment to ensure financial stability during challenging economic times.
Madein made the call during her address at the 2024 National Council on Finance and Economic Development, held in Bauchi State.
In a statement on Thursday by the Director of Press and Public Relations, Mr Bawa Mokwa, the Accountant-General stressed the importance of prudent financial management, highlighting the need for long-term planning to cushion the impact of economic downturns.
“Savings are essential, and saving during times of plenty is advisable. Governments at all levels should save from whatever resources they receive so that they can have something to fall back on in times of adversity,” she stated.
Madein also emphasised the need for transparency and accountability across all aspects of governance, warning that oversight should not be confined to financial management alone.
“Transparency doesn’t end with finances; it extends to everyone, from the storekeeper to those managing the kitchen. Infrastructure must also be accounted for—everything that could be misused must be properly documented,” she said.
She further noted the dangers of focusing solely on financial controls while neglecting other critical areas of governance.
“If we only build structures around how finances can be controlled, and leave other areas unchecked, then we are merely taking a superficial approach. We need to implement robust control mechanisms across all assets,” she added.
Madein called on public officials to ensure assets procured with government funds are properly accounted for.
“When funds are allocated to increase government assets, those assets must be accounted for by the relevant officials,” she said.
The Accountant-General also stressed the importance of capacity building and motivating the workforce to enhance efficiency in managing public resources.
She highlighted this as a crucial step towards achieving greater transparency and accountability in governance.
The 2024 National Council on Finance and Economic Development brought together key stakeholders in finance and economic development to discuss strategies for improving governance and resource management in Nigeria.