Building a Savings Culture for Financial Stability in Nigeria
The Accountant-General of the Federation, Dr Oluwatoyin Madein – ARDnig
Dr. Oluwatoyin Madein, Nigeria’s Accountant-General, has called on governments to adopt a culture of savings and investment to ensure financial stability during economic challenges. She emphasized transparency, asset management, and capacity building as critical components of effective governance. Stakeholders at the 2024 National Council on Finance and Economic Development explored strategies to enhance governance and resource management in Nigeria.
The Need for a Stronger Savings Culture
The accountant-General of the Federation, Dr. Oluwatoyin Madein, has emphasized the importance of adopting a savings and investment culture at all levels of government. Speaking at the 2024 National Council on Finance and Economic Development in Bauchi State, she advised governments to save during times of surplus. This approach, she explained, would provide a financial cushion during challenging economic periods, ensuring stability and reducing dependence on external aid.
Emphasizing Accountability Beyond Finances
Dr. Madein stressed that accountability should not be limited to financial management but must extend to all areas of governance. From properly recording government assets to ensuring the efficient use of resources, transparency must remain a priority. She warned against focusing solely on financial oversight while neglecting other critical areas, noting that robust controls should cover all assets to prevent misuse and wastage.
“Savings during times of plenty are essential for navigating times of adversity.”
Documenting and Protecting Government Assets
The accountant-General highlighted the need for accurate documentation of all government assets procured with public funds. She urged public officials to take responsibility for safeguarding these assets to ensure they serve their intended purposes. This approach, she argued, would enhance trust in governance and promote more efficient use of public resources.
Investing in Workforce Capacity
Dr. Madein also called for investments in capacity building to strengthen the workforce. Training and motivating employees, she noted, are vital steps toward improving resource management and ensuring the effective delivery of services. A well-equipped and skilled workforce would not only boost efficiency but also support greater accountability in governance.
Learning from Stakeholders in Governance
The 2024 National Council on Finance and Economic Development provided an opportunity for key stakeholders to exchange ideas on improving governance and managing resources. By fostering discussions and collaborations, such gatherings aim to develop strategies that benefit the nation and its people, ensuring that financial and non-financial resources are effectively utilized to build a better Nigeria.
Conclusion
Adopting a savings culture, ensuring accountability, and investing in capacity building are vital for Nigeria’s economic progress. Governments and citizens alike must prioritize resource management to create a more stable and prosperous future.
