The Chartered Institute of Treasury Management (CITM) has expressed support for the proposed Public Finance Management (PFM) reforms, anticipating that the associated bill will play a crucial role in enhancing accountability and reducing manual errors in financial transactions. The Office of the Accountant General of the Federation (OAGF) initiated the bill to provide legal backing to PFM and the operations of the Federation’s Treasury.
In a statement released on Monday, Mr. Olumide Adedoyin, the Registrar of the institute, highlighted the significance of the proposed reform, emphasizing its incorporation of cutting-edge financial technologies. Adedoyin commended the OAGF’s timely move, noting that CITM has consistently advocated for such reforms.
The registrar underscored the institute’s vision, which focuses on key elements essential for effective PFM and the establishment of a cadre of highly skilled professionals in treasury management roles. He emphasized that the enacted bill would contribute to the identification, assessment, and mitigation of financial risks.
Adedoyin further pointed out that by aligning with international best practices, Nigeria can position itself as a beacon of financial resilience. He stated, “At the heart of the reform lies a commitment to transparent financial reporting and stringent accountability measures,” highlighting the government’s aim to build public trust and protect against fraud and mismanagement through regular audits and disclosures.
The institute, according to Adedoyin, is ready to make significant contributions through a collaborative approach, with a focus on technology, risk management, and professional development. He stressed that CITM’s collaboration with regulatory bodies and commitment to transparency measures will contribute to shaping the legal framework for Treasury reform.
