The federal government has urged all levels of government to embrace a culture of saving and implement stringent measures to enforce fiscal discipline. This call was made by Dr. Oluwatoyin Madein, the Accountant General of the Federation (AGF), during the 2024 National Council on Finance and Economic Development (NACOFED) held in Bauchi State.
Dr. Madein emphasized the importance of saving during times of economic abundance, advising that prudent financial management is key to ensuring future stability. “Savings is good, and saving at the time of plenty is advisable,” she remarked, stressing that governments should save a portion of their revenues to prepare for potential future crises.
In her address, Dr. Madein also highlighted the need for transparency and accountability in governance, not just in financial management but across all governmental resources, including human and physical assets. She noted that a lack of control over areas beyond finance could undermine the effectiveness of governance, urging a comprehensive approach to public resource management.
Dr. Madein further advocated for a robust framework to ensure that publicly procured assets are properly accounted for, emphasizing that effective transparency requires continuous capacity building and staff motivation to achieve these goals.
