KEY POINTS
- Dr. Oluwatoyin Madein emphasizes saving during times of economic plenty.
- Transparency in managing government assets is vital for accountability.
- Workforce training boosts efficiency in public resource management.
The Accountant-General of the Federation, Dr. Oluwatoyin Madein, has urged governments at all levels to adopt a robust culture of savings and investment to safeguard financial stability during economic challenges. Speaking at the 2024 National Council on Finance and Economic Development (NACOFED) in Bauchi State, Dr. Madein highlighted the necessity of prudent resource management and long-term planning to mitigate the impact of economic downturns.
In a statement released by the Director of Press and Public Relations, Mr. Bawa Mokwa, Dr. Madein stressed the importance of saving during times of abundance. “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 said.
A call for holistic transparency and accountability
The Punch reported that, Dr. Madein also revealed the importance of comprehensive accountability, urging public officials to ensure transparency extends beyond financial management to include all assets and resources. She warned against focusing solely on financial controls while neglecting other areas of governance.
“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 stated.
The Accountant-General emphasized the need to establish robust mechanisms for tracking and managing government assets. “When funds are allocated to increase government assets, those assets must be accounted for by the relevant officials,” she added, stressing that comprehensive oversight is critical for minimizing misuse and ensuring optimal resource utilization.
Enhancing workforce capacity for better governance
Dr. Madein highlighted capacity building and workforce motivation as pivotal to achieving transparency and efficiency in public resource management. She advocated for training programs aimed at equipping officials with the necessary skills to implement best practices in governance and asset management.
“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.
Stakeholders discuss governance improvement strategies
The 2024 NACOFED conference brought together key stakeholders in finance and economic development to address pressing issues in governance and resource management in Nigeria. The event provided a platform for discussions on improving fiscal policies and promoting sustainable economic growth.
Dr. Madein’s emphasis on savings, transparency, and accountability underscores a strategic framework for building resilience and ensuring financial stability across all tiers of government.
