- Insists borrowed funds must deliver value to Nigerians
BY EDMOND ODOK – The Accountant-General of the Federation (AGF), Shamseldeen Babatunde Ogunjimi says public funds, particularly those acquired through loans, must be administered with utmost caution and circumspect to deliver tangible value to Nigerians.
The AGF gave the warning in what stakeholders described as setting new performance targets for Project Coordinators in the financial management of projects under their supervision.
Addressing the Project Coordinators in Abuja during the maiden retreat organised by the Office of the Accountant-General of the Federation (OAGF), Ogunjimi told them, “I seek your cooperation and support in achieving new performance targets in the financial management of the projects under your purview.
“These targets and reforms are all geared towards helping you execute your mandates aimed at achieving your various Projects’ Development Objectives (PDOs).”
According to the AGF, who was represented by the Director of Federal Projects, Joshua Luka, “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.”
Also using the retreat to unveil the proposed digital interface designed to unify and integrate the accounting and reporting systems of all federal projects, Ogunjimi said the platform will not only provide real-time online reporting to stakeholders, but also strengthen transparency and make it easier to monitor projects.
The AGF said discussions are already underway with partners, including the Islamic Development Bank (IsDB), to support the implementation of the new system, even as he urged the Coordinators to appreciate their vital roles in protecting Nigeria’s economic future through proper and transparent financial management.
He further said, “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.”
Importantly, Ogunjimi said this era of increased scrutiny in public finance demands that Project Coordinators manage resources with prudence and ensure that projects deliver tangible benefits to citizens, adding, “Our Projects must not just meet donor expectations but must also deliver real impact on Nigerians”.
On his part, Senior Financial Management Specialist at the World Bank, Akram Elshorbagi, urged National Coordinators to carefully study the new digital interface to ensure better implementation of the government’s social safety net programmes going forward.
“These programmes won’t make the right impact if they are not properly executed,” he admonished.
Also speaking, National Coordinator of the National Cash Transfer Office (NCTO), Abdullahi Alhasan Immam, said the government needs to design poverty alleviation programmes in a manner that guarantees sustainable impact.
For him, the Conditional Cash Transfer Project (CCTP) should empower beneficiaries instead of simply being deployed as a cash gift programme that does not lift people out of poverty.
In his remarks, the National Coordinator of NG-CARES, Karim Obaje expressed concern that despite interventions from the government and the World Bank, poverty and hunger continue to be on the rise in Nigeria.
He it is imperative to have an assessment of current strategies if better results must be achieved from the various intervention progrmmes.
Convened to enable Project Coordinators share experiences and learn about new public financial management reforms, the retreat is taking a critical look at over 50 donor-funded federal projects across the country.
Also, the retreat is expected to produce a roadmap for improving financial oversight and collaboration among stakeholders, just as discussions cover areas such as the relationship involving the Projects, Federal Projects Financial Management Department (FPFMD), and the Office of the Auditor-General of the Federation, as well as the importance of internal audit functions within the projects.
