FG pleads for savings culture among tiers of government
The federal government has called on governments at all levels to adopt a culture of saving and implement stringent control measures to ensure fiscal discipline.
Bawa Mokwa, Director of Press and Public Relations in the Office of the Accountant General, disclosed this in a statement on Thursday.
He noted that the Accountant General of the Federation (AGF), Dr. Oluwatoyin Madein, made the appeal during the 2024 National Council on Finance and Economic Development (NACOFED) held in Bauchi State.
Dr. Madein noted the importance of saving “for the rainy day,” suggesting that financial prudence during times of economic abundance is critical for future stability.
“Savings is good, and saving at the time of plenty is advisable,” Dr. Madein asserted. “Governments at all levels should save from whatever comes to them so that they can have something to fall back on in any adverse situation.”Related News
In her remarks, Dr. Madein pointed out the vital role of transparency and accountability in governance, stating that these principles should manifest not only in financial management but across all governmental resources, including human and physical assets.
“Transparency doesn’t end with finances; it extends to everyone, from the storekeeper to those managing infrastructure,” she explained. “Everything that can be used indiscriminately must be properly accounted for in a transparent manner.”
Dr. Madein warned that focusing on financial controls and neglecting other areas would jeopardize overall governance. “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,” she stated, stressing the need for comprehensive accountability in managing public funds.
The AGF called for a robust framework that ensures all publicly procured assets are properly accounted for by those in authority. “When funds are released for the purpose of increasing the assets of the government, those assets must be accounted for by those that are handling them,” she insisted.
Dr. Madein also acknowledged the significance of continuous capacity building and staff motivation as essential components to achieve the goals of transparency and accountability in public asset management.
