Save for rainy day, Federal Accountant General urges state govts, emphasizes transparency, accountability

In a bid to ensure financial stability during adverse situations and economic downturns, the Accountant General of the Federation, Mrs. Oluwatoyin Madein, has called on state governments to prioritize saving and viable investments.

This advice comes on the heels of the massive allocation of N1.41 trillion from the federation account to the three tiers of government for the month of October 2024.

Madein made this plea at the 2024 National Council on Finance and Economic Development (NACOFED) held in Bauchi State.

She stressed the importance of adopting control measures to guarantee the availability of financial and other resources during challenging times.

“Savings is good, and savings at the time of plenty is advisable. Governments at all levels should save from whatever comes to them so that they can have what to fall back on in any adverse situation,” she said.

The N1.41 trillion allocation represents an increase of N130 billion compared to the N1.28 trillion allocated in September.

Madein also harped on the need for transparency and accountability beyond financial management, encompassing human resources, infrastructure, and other assets.

According to the accountant general, transparency and accountability are particularly relevant, given the significant allocation of funds to the three tiers of government.

She said: “Transparency doesn’t end with finances. It goes round to even the storekeeper and those that manage the kitchen. Infrastructure has to be accounted for. Everything that can be used indiscriminately must be properly accounted for in a transparent manner.

“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. We need to build serious control measures around our assets.”