States Must Close Loopholes to Prevent Revenue Leakages – Accountant-General

 The Accountant-General of the Federation, Dr. Oluwatoyin Madein, has urged state governments to implement stricter financial management systems to prevent revenue leakages and improve internally generated revenue (IGR).

Speaking at a financial policy roundtable, Dr. Madein expressed concerns that weak accountability frameworks at the state level have led to significant revenue losses, affecting developmental projects and public services. She emphasized that effective monitoring, digitization of financial transactions, and anti-corruption measures are necessary to ensure funds are properly accounted for.

She also advised states to leverage technology in revenue collection, noting that electronic payment systems and automated tax collection can reduce fraud and enhance transparency.

Dr. Madein reiterated that financial prudence at both federal and state levels is essential for sustainable economic growth. She encouraged state governments to work closely with the Federal Ministry of Finance and the Revenue Mobilization, Allocation, and Fiscal Commission (RMAFC) to improve fiscal discipline and boost economic development.