Accountant General urges stronger savings culture in govt

The Accountant General of the Federation, Dr. Oluwatoyin Maiden, has urged governments at all levels to adopt a culture of savings and investment to ensure financial stability during challenging economic times.

Medine made the call during his address at the 2024 National Finance and Economic Development Council 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 mitigate the impact of the economic recession.

“Savings are necessary, and saving is advisable in times of abundance. Governments at all levels should make savings out of whatever resources they receive so that they have something to fall back on in times of distress,'' he said.

Medine also stressed the need for transparency and accountability in all aspects of governance, warning that oversight should not be limited to financial management alone.

“Transparency does not end with finance; This applies to everyone from storekeepers to those managing the kitchen. The infrastructure should also be taken care of – anything that can be misused should be properly documented,” she said.

He also noted the dangers of focusing only on financial control while neglecting other important areas of governance.

“If we only create structures around how finance can be controlled, and leave other areas unchecked, we are only taking a superficial approach. We need to implement stronger control mechanisms across all properties.”

Medine called on public officials to ensure that properties purchased with government funds are properly accounted for.
“When funds are allocated to enhance government assets, those assets should be accounted for by the concerned authorities,” he said.

The Accountant General also stressed the importance of capacity building and motivating the workforce to enhance efficiency in the management of public resources.

He described it as an important 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 to improve governance and resource management in Nigeria.