The Accountant-Basic of the Federation, Dr Oluwatoyin Madein, has steered governments in any respect ranges to include a tradition of financial savings and funding to assure monetary balance right through difficult financial instances.
Madein made the decision right through her cope with on the 2024 Nationwide Council on Finance and Financial Construction, held in Bauchi Atmosphere.
In a remark on Thursday through the Director of Press and Society Family members, Mr Bawa Mokwa, the Accountant-Basic wired the utility of prudent monetary control, highlighting the desire for long-term making plans to cushion the have an effect on of monetary 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 mentioned.
Madein additionally emphasized the desire for transparency and duty throughout all sides of governance, threat that oversight must no longer be confined to monetary control unwanted.
“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 mentioned.
She additional famous the hazards of focusing only on monetary controls occasion neglecting alternative vital disciplines 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 referred to as on family officers to assure property procured with executive budget are correctly accounted for.
“When funds are allocated to increase government assets, those assets must be accounted for by the relevant officials,” she mentioned.
The Accountant-Basic additionally wired the utility of capability construction and motivating the staff to support potency in managing family sources.
She highlighted this as a the most important step against reaching higher transparency and duty in governance.
The 2024 Nationwide Council on Finance and Financial Construction introduced in combination key stakeholders in finance and economic expansion to talk about methods for bettering governance and useful resource control in Nigeria.