The Federal Government of Nigeria has issued a stern call to action for project accountants and financial officers entrusted with the management of funds allocated to federal projects, particularly those financed through external borrowing. This appeal for heightened responsibility and integrity comes amidst growing concerns over the prudent utilization of borrowed resources and their impact on the nation’s fiscal health. Accountant-General of the Federation, Shamsudeen Ogunjimi, delivered this message during the 2025 retreat of the Federal Projects Financial Management Department (FPFMD) held in Abuja. He emphasized the gravity of their roles, highlighting that the funds under their purview are not merely public funds, but borrowed funds, carrying the weight of future obligations for both the present and future generations. This underscored the need for meticulous financial management and unwavering adherence to ethical principles.
Ogunjimi, represented by Director of Finance and Accounts, Akuagwu Chucks, underscored the privilege and responsibility bestowed upon these financial gatekeepers. Chosen from among numerous treasury officers nationwide, they bear the crucial task of safeguarding the nation’s future by ensuring the judicious utilization of funds from over forty donor-funded projects. This responsibility, he stressed, demands a profound sense of duty and unwavering commitment to transparency and accountability. The retreat itself serves as a testament to the Office of the Accountant-General’s dedication to bolstering the financial management of federal projects. It provides a platform for reflection, collaboration, and strategic planning, all essential elements for navigating the complexities of public finance.
The Accountant-General urged participants to embrace the retreat as an opportunity to refine their skills, share insights, and forge collaborative partnerships. He emphasized the importance of a shared vision focused on strengthening financial stewardship and navigating the increasing complexities and scrutiny within the realm of public finance. Active engagement, knowledge sharing, and mutual learning were highlighted as crucial components for achieving project development objectives (PDOs) and ensuring the effective utilization of resources. The retreat’s focus on collaboration underscores the importance of a unified approach to financial management across various federal projects.
Joshua Luke, Director of the FPFMD, echoed the Accountant-General’s sentiments, emphasizing the critical role of knowledge and training in effective financial management. He lauded the Accountant-General’s support for the retreat, recognizing its inherent value in equipping project accountants with the necessary skills and knowledge to navigate the complexities of their roles. Luke characterized the work of project accountants as knowledge-driven, underscoring the importance of continuous learning and professional development. He expressed confidence that the retreat would empower participants to return to their respective ministries, departments, and agencies with enhanced capabilities, better prepared to fulfill their responsibilities to both the projects and the nation.
The 2025 FPFMD retreat brought together a diverse group of stakeholders, including project accountants, internal auditors, representatives from donor agencies, and other key players involved in federal projects. This collaborative environment fostered discussions on crucial reforms, facilitated the exchange of best practices, and promoted the enhancement of financial stewardship across all federal projects. The gathering served as a vital platform for addressing challenges, sharing innovative solutions, and strengthening the overall framework for financial management within the context of federally funded projects. The inclusion of diverse perspectives ensured a comprehensive approach to addressing the multifaceted aspects of financial management.
The retreat’s overarching goal was to reinforce the principles of accountability, transparency, and efficiency in the management of funds for federal projects, particularly those financed through external borrowing. The emphasis on these principles reflects the government’s commitment to ensuring that borrowed resources are utilized effectively and contribute to the nation’s development objectives. The retreat underscores the critical role of project accountants and financial officers as stewards of public funds and emphasizes their responsibility to uphold the highest standards of integrity and professionalism in the execution of their duties. This commitment to responsible financial management is essential for maintaining public trust and ensuring the sustainable development of the nation.
