CITM supports bill to enhance accountability, reduce errors in financial transactions
The Chartered Institute of Treasury Management (CITM) has praised a proposed bill on Public Finance Management (PFM) reforms, stating that it would enhance accountability and reduce manual errors in financial transactions.
The Office of the Accountant General of the Federation (OAGF) has put forward the bill to provide legal support for PFM and the operations of the Federation’s Treasury.
In a statement released on Monday, the Registrar of CITM, Mr. Olumide Adedoyin commended the integration of cutting-edge financial technologies in the proposed reform. He highlighted that CITM has always been a strong advocate for such reforms and believes that the timing of the OAGF’s move is appropriate.
The CITM’s endorsement of the bill underscores the importance of modernising financial systems and embracing technology to improve efficiency and transparency. If passed, the bill could significantly enhance financial management practices in Nigeria and contribute to the country’s overall economic development.
The registrar said the vision outlined key elements crucial for an effective PFM.
Adedoyin said that CITM can set the benchmark for competence in treasury management roles, ensuring a cadre of highly skilled professionals.
He said that the bill, when enacted into law, would help in the identification, assessment and mitigation of financial risks.
According to him, by adopting international best practices, Nigeria can position itself as a beacon of financial resilience.
“At the heart of the reform lies a commitment to transparent financial reporting and stringent accountability measures.
“By implementing regular audits and disclosures, the government aims to build public trust and safeguard against fraud and mismanagement,” he said.
He said the institute was poised to contribute significantly through a collaborative approach, emphasising technology, risk management and professional development.
The registrar said this would come through collaboration with regulatory bodies and transparency measures, adding that CITM would help shape the legal framework for Treasury reform.
