Would you like to receive notifications on latest updates of the following headlines?

Accountant General advise stronger savings culture in govt

POSTED ON November 21, 2024 •   Breaking News      BY Abiodun Saheed Omodara
Accountant-General of the Federation, Dr Oluwatoyin Madein

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.

A press statement signed on Thursday by the Director of Press and Public Relations, Mr Bawa Mokwa stated that the Accountant-General made the call during her address at the 2024 National Council on Finance and Economic Development, held in Bauchi State.

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.

READ ALSO
Nigeria Takes Bold Step towards Energy Independence with Naira-Based Crude Sales Initiative
BY Abiodun Saheed Omodara June 25, 2025 0

The Nigeria Export Processing Zones Authority, alongside the Federal Government’s One-Stop-Sho...

READ ALSO
IPMAN Links Rising Petrol Prices to Crude Oil Costs and Market Dynamics
BY Abiodun Saheed Omodara June 24, 2025 0

ABUJA, Nigeria (NAN) - The Public Relations Officer of the Independent Petroleum Marketers Associati...

READ ALSO
Tinubu Launches National Mechanised Farming Programme to Tackle Food Insecurity
BY Abiodun Saheed Omodara June 23, 2025 0

In a bid to combat food insecurity and encourage youth participation in farming, President Bola Tinu...

READ ALSO
Oil Prices Surge Amid U.S. Airstrikes on Iran's Nuclear Sites
BY Abiodun Saheed Omodara June 23, 2025 0

Oil prices rose on Monday while the dollar gained strength following the U.S. airstrikes on Iran's n...

READ ALSO
FG Coordinates Evacuation Plans for Citizens in Iran-  Minister
BY Abiodun Saheed Omodara June 22, 2025 0

ABUJA, Nigeria - The Minister of Foreign Affairs, Ambassador Yusuf Tuggar, has refuted false narrati...

READ ALSO
Governors, FG Unite to Tackle Food Security Challenges
BY Abiodun Saheed Omodara June 20, 2025 0

The 36 state governors have come together to collaborate with the Federal Government on harmonizing...

READ ALSO
Tinubu to Launch Multiple Development Projects Today in Kaduna
BY Abiodun Saheed Omodara June 19, 2025 0

KADUNA, Nigeria - President Bola Tinubu is anticipated to arrive in Kaduna State today for the inaug...

READ ALSO
ECOWAS Calls for Unified Action Against Plastic Pollution at World Environment Day
BY Abiodun Saheed Omodara June 18, 2025 0

The Economic Community of West African States (ECOWAS) is calling for a unified regional effort from...

OUR CHANNELS:

Gospel Singer Sentenced to Death for Murdering Girlfriend
BY Abiodun Saheed Omodara June 27, 2025 0

A High Court in Lafia, the capital of Nasarawa State, sentenced gospel singer Oluwatimileyin Ajayi t...


Spanish-Brazilian Man Convicted of Murdering 14-Year-Old Schoolboy in London
BY Abiodun Saheed Omodara June 28, 2025 0

Spanish-Brazilian Marcus Monzo has been convicted and faces a life sentence for the murder of 14-yea...


Transition of Tax Collection to NRS Announced, New VAT Sharing Begins January 1, 2026
BY Abiodun Saheed Omodara June 27, 2025 0

President Bola Tinubu signed four tax reform bills into law on Thursday, indicating Nigeria's commit...


Over 50% of Psychiatric Admissions Linked to Drug Abuse in Yola- Psychiatrist
BY Abiodun Saheed Omodara June 28, 2025 0

YOLA, Nigeria - A consultant psychiatrist, Joel Umar, noted that a significant increase in drug abus...


Africa Must Adapt Governance for True Progress- Obasanjo
BY Abiodun Saheed Omodara June 28, 2025 0

ABUJA, Nigeria - Former Nigerian President Olusegun Obasanjo has urged a reassessment of governance...


Tinubu's Meeting Sparks Agreement to Reinstate Fubara as Rivers Governor
BY Abiodun Saheed Omodara June 28, 2025 0

ABUJA, Nigeria - Minister Nyesom Wike and former Governor Simi Fubara have decided to set aside thei...


Afreximbank Advocates for Innovative Financing Structures in South–South Trade
BY Abiodun Saheed Omodara June 27, 2025 0

The President and Chairman of the Board of Directors of the African Export-Import Bank, Prof. Benedi...


Nigerian Authorities Rescue 31 Victims Lured from Ghana
BY Abiodun Saheed Omodara June 27, 2025 0

ABUJA, Nigeria - A total of 46 victims of trafficking have been rescued by agents from the National...


Tinubu Signs Four Tax Reform Bills to Transform Nigeria's Fiscal Framework
BY Abiodun Saheed Omodara June 28, 2025 0

ABUJA, Nigeria - President Bola Tinubu has enacted four tax reform bills that focus on crucial aspec...


Diddy Trial: Closing Arguments to Highlight Allegations of Racketeering and Sex Trafficking
BY Abiodun Saheed Omodara June 27, 2025 0

Following weeks of meticulous testimony in the high-profile trial of Sean “Diddy” Combs,...


More Articles

Load more...

Menu