Show value for money, AGF tells project coordinators, warns against mismanagement of borrowed funds
Omeiza Bilal with agency report
The Accountant General of the Federation, Babatunde Ogunjimi has warned project coordinators against abuse of public funds meant for projects, especially borrowed funds, insisting that they must show value for money
Ogunjimi said that acquired funds through loans, must be managed with extreme care to ensure they deliver tangible value to citizens.
The Accountant General of the Federation gave this injunction on Wednesday during the maiden retreat of the Office of the Accountant-General of the Federation (OAGF) for project coordinators.
The retreat, meant to review over 50 donor-funded federal projects, was convened to allow project coordinators to share experiences and learn about new public financial management reforms.
He said “This retreat is a testament to our commitment to enhancing the financial management of federal projects. We have been entrusted with not just public funds, but borrowed public funds which must be repaid in time, either in our generation or that of our children,”
The retreat provided an opportunity to unveil a proposed digital interface designed to unify and integrate the accounting and reporting systems of all federal projects.
The AGF explained that the platform will provide real-time online reporting to stakeholders, which will strengthen transparency and make it easier to monitor projects.
He disclosed that discussions are ongoing with partners, including the Islamic Development Bank (IsDB), to support the implementation of the new system.
The AGF, who was represented by a Director, Joshua Luka, called on the coordinators to recognize the importance of their roles in protecting Nigeria’s economic future through proper financial management.
He stated “You have been chosen among many Nigerians to manage borrowed funds as represented by over 50 donor-funded projects. It is therefore a privilege and a responsibility that must be carried out with integrity, sincerity of purpose, and strict adherence to global best practices,”.
On his part, the National Coordinator of the National Cash Transfer Office, Abdullahi Alhasan Immam, urged the government to design poverty alleviation programs in a way that makes a sustainable impact.
He pointed out that ‘the conditional cash transfer project should be used to empower beneficiaries rather than simply being a cash gift program that does not lift people out of poverty. “It should be used to empower the beneficiaries.”
Similarly, Karim Obaje, the national coordinator of NG-CARES, voiced concern that despite government and World Bank interventions, poverty and hunger continue to be on the rise in Nigeria, and called for an assessment of current strategies to get better results.
The retreat is expected to produce a roadmap for improving financial oversight and collaboration among stakeholders.
