Nigeria’s Accountant-General Calls for Prudent Financial Stewardship Amid Economic Challenges”
Dr Oluwatoyin Madein, Nigeria’s Accountant-General, has called on all levels of government to adopt a disciplined approach to savings and investment as a buffer against economic downturns. Speaking at the 2024 National Council on Finance and Economic Development (NACOFED) in Bauchi State, Madein stressed the importance of forward-thinking fiscal management, especially in times of relative abundance.
“Saving during times of plenty is essential,” she urged. “Governments should set aside funds from available resources to create a safety net for challenging economic periods.”
In a statement issued by the Director of Press and Public Relations, Mr Bawa Mokwa, Dr Madein also underscored the need for transparency and accountability across all spheres of governance. She warned against limiting oversight to financial matters alone, advocating for comprehensive accountability measures in every aspect of government operations.
“Transparency doesn’t end with finances,” she stated. “It extends to everything, from the storekeeper’s inventory to the management of kitchen supplies. Infrastructure, assets, and every resource that can be misused must be thoroughly accounted for in a transparent manner.”
Madein highlighted the risk of focusing only on financial oversight while neglecting other key areas, cautioning that such an approach could lead to gaps in governance.
“If we focus solely on financial controls while leaving other areas unchecked, we are simply doing a piecemeal job. Serious control measures must be established for all government assets,” she said, adding that public officials should ensure that assets purchased with government funds are properly monitored and reported.
The Accountant-General also stressed the importance of building capacity within the public sector, pointing out that an empowered, motivated workforce is critical to achieving efficiency and upholding transparency in resource management.
The NACOFED event brought together finance and economic development stakeholders from across Nigeria to explore strategies for improving governance and fiscal stewardship.
