Following the massive allocation from the federation account to the three tiers of government, the Accountant General of the Federation, Mrs Oluwatoyin Madein, has called on state governments to save for the rainy day.
This is just as she said that transparency and accountability should be entrenched at all tiers and aspects of governance in the country.
The Accountant General of the Federation spoke at the 2024 National Council on Finance and Economic Development (NACOFED) held in Bauchi State.
THE WHISTLER had reported that a total of N1.41tn, being October 2024, federation accounts revenue, has been shared to the Federal Government, States, and the Local Government Councils.
The N1.41tn represents an increase of N130bn when compared to the N1.28tn, which the committee allocated to the three tiers of government in the month of September.
Madein advised governments at all levels to adopt appropriate control measures and imbibe the culture of savings and viable investments to guarantee availability of financial and other resources during the rainny day.
“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 to in any adverse situation,” she said.
She also said transparency and accountability should not be solely about finances or financial managers, adding that other resources, including human resources, have to be accounted for.
“Transparency doesn’t end with finances. It goes round to even the store keeper 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 haphazard job. We need to build serious control measures around our assets.”
She noted that it has become imperative for persons in positions of authority to adequately account for assets that are procured through public funds.
“When funds are released for the purpose of increasing assets of the government, those assets must be accounted for by those that are handling them,” she said.
The AGF emphasised the need for continuous capacity building and motivation of the workforce, noting that this was of utmost importance in ensuring transparency and accountability in managing public assets.