AGF - NEWS AGENCY OF NIGERIA

Tosin Kolade
Nov, Thu, 2024

AGF urges transparency, accountability in governance

26 total views today

By Kadiri Abdulrahman

The Accountant General of the Federation (AGF), Mrs Oluwatoyin Madein, has called for transparency and accountability to be entrenched across all tiers and aspects of governance in Nigeria.

This was disclosed in a statement issued by Mr Bawa Mokwa, Director of Press and Public Relations at the Office of the Accountant General of the Federation (OAGF).

Madein spoke at the 2024 National Council on Finance and Economic Development (NACOFED) in Bauchi.

According to her, transparency and accountability must extend beyond finances to include other resources, such as human and material assets.

“Transparency does not end with finances; it extends even to the storekeeper and those managing the kitchen,” she said.

She emphasised the need to account for infrastructure and other resources, stating, “Everything that can be used indiscriminately must be properly accounted for in a transparent manner”.

Madein warned that restricting transparency and accountability solely to financial management would result in a haphazard system.

“We need to build serious control measures around our assets,” she added, stressing that public officials must account for assets procured with public funds.

She also noted the importance of continuous capacity building and workforce motivation, describing them as essential for ensuring effective management of public assets.

Madein advised governments to adopt fiscal discipline and appropriate control measures while fostering a culture of savings and viable investments.

“When funds are released to increase government assets, those assets must be accounted for by those handling them.

“Savings is good, and saving during times of plenty is advisable. Governments at all levels should save so they can have something to fall back on in adverse situations”.

The 2024 NACOFED, hosted by the Bauchi State Government, preceded the Federation Accounts Allocation Committee (FAAC) meeting for November, where N1.411 trillion was shared among the Federal Government, states, and local councils. (NAN)(www.nannews.ng)

Edited by Sadiya Hamza

Tosin Kolade
Nov, Tue, 2024

Economy/Business

Asset tracking, valuation, crucial for accountability -AGF

224 total views today

By Kadiri Abdulrahman

The Accountant- General of the Federation, Mrs Oluwatoyin Madein, says tracking and valuation of all Federal Government assets is necessary for accountability.

Madein said this in an interview with newsmen on Tuesday in Abuja.

She spoke against the backdrop of the Asset Tracking and Management Programme organised by the Office of the Accountant-General of the Federation (OAGF).

According to Madein, asset is the real bedrock of the nation, which needs to be properly valued and accounted for.

“The Federal Government has been spending money over time acquiring, constructing, and providing assets. These assets are the real value of the country.

”Currently, Nigeria has about N32 trillion negative net asset that is usually recorded as liability,” she said.

She said that since the adoption of the International Public Sector Accounting Standards (IPSAS) in 2017, it became imperative to include the valuation of national assets in the annual financial statements of the country.

“This has influenced public sector accounting standards in Nigeria and the strategic role of legacy assets in the adoption of IPSAS.

”Legacy assets refer to existing assets acquired or constructed prior to the adoption of IPSAS in 2017.

”The inability to collate, evaluate, and place value on the assets of the Federal Government has constantly been throwing the financial position of the country into net liabilities.

“This makes the liabilities of the Federal Government to be over and above its assets,” she said.

She said that the stakeholders had now agreed to build a national assets register to accommodate all Federal Government assets.

She listed the assets to include buildings, offices, schools, hospitals, roads, equipment, and even biological assets.

“Investors, donors, and international organisations partnering with the Federal Government will like to see our true value as enumerate in our annual financial statement,” the AGF said.

She described the OAGF as the treasury office of the Federal Government responsible for collating financial information that leads to the preparation of financial statements.

She said that including the valuation of assets in the annual financial statements was one of the key values that the statement is required to possess. (NAN) (www.nannews.ng)

Edited by Ese E. Eniola Williams