FG to accountants: Don’t squander borrowed funds

From Adanna Nnamani, Abuja

The federal government has warned project accountants and financial officers to exercise utmost care and integrity in managing funds for federal projects, especially those sourced through external borrowing.

The Accountant-General of the Federation (AGF), Mr. Shamsudeen Ogunjimi, issued the caution during the 2025 retreat of the Federal Projects Financial Management Department (FPFMD), held in Abuja on Thursday.

Ogunjimi, who was represented by Director of Finance and Accounts, Akuagwu Chucks, stressed that the funds under their care are not only public but also borrowed, and must be treated with a deep sense of responsibility.

“You must realize that you have been entrusted with not just Public Funds, but Borrowed Funds which must be repaid in time, either in ours or that of our children. It is a privilege that you have been chosen among the many Treasury Officers in the country to safeguard the future of this great nation as the first gate keepers of critical Public funds as represented by the over forty (40) Donor Funded Projects,” he said.

He described the retreat as a testament to the commitment of the OAGF to enhancing the Financial Management of Federal Projects in the Federation and urged officers to use the platform as a platform for reflection, collaboration and strategic planning. “Let us be guided by a shared vision; to strengthen the financial stewardship of our nation’s resources. We must not forget that this is an era of increasing complexity and scrutiny in public finance, making our role ever so important.

“I encourage each one of you to actively engage in discussions, share your insights and learn from one another. Let us leverage this opportunity, not only to enhance our skills, but also to foster relationships that will propel us towards achieving our various Project’s Development Objectives (PDOS),” he added.

In his remarks, Director of the FPFMD, Joshua Luke, while commending the AGF for supporting the retreat and recognizing its value, emphasised that knowledge and training play a critical role in financial management.

According to him, “Our work as Project Accountants is knowledge-driven and that is why retreats like this are very, very important.”

Luke expressed confidence that the retreat would yield lasting impact, stating, “By the time we leave here, all the objectives of the retreat will have been achieved and we will go back better equipped to perform our duties to our projects and to our MDAs and to our nation.”

The retreat brought together project accountants, internal auditors, donor agency representatives, and key stakeholders to deliberate on reforms, share best practices, and strengthen financial stewardship across federal projects.