Mr Olumide Adedoyin, the Registrar at the Chartered Institute of Treasury Management (CITM), has emphasized the importance of fiscal discipline for the Federal Government. He believes that it is crucial for promoting transparency and improving Revenue collection. During the institute’s continuous mandatory training program in Abuja on April 24, 2024, Adedoyin made this statement. The training will focus on how to adapt to changes in treasury management to achieve long-term financial success with the theme, “Navigating the Evolving Landscape of Treasury Management: Strategies for Sustainable Financial Excellence”.
He believes that in order to achieve long-term financial success, it is crucial for the federal government to enforce wise fiscal strategies that focus on fiscal responsibility, transparency promotion, and revenue generation improvement. He urged for targeted funding towards enhancing infrastructure, investing in the development of human resources, and fostering Innovation in order to boost economic expansion and variety. In addition, he emphasized the significance of upholding stable prices, protecting the value of the country’s currency, and creating a favourable climate for Investment and economic endeavours.
FG to focus on developing the expertise of Treasury professionals.
Adedoyin stated that it is important for the Nigerian Government to work together with regulatory authorities in order to create effective monetary policies that will reduce inflation, make it easier for businesses to obtain credit, and increase financial inclusion. He emphasized the need for a comprehensive strategy in managing the treasury, which involves combining fiscal and monetary policies along with strategic planning and risk management structures. He suggested that it is important for the federal government to focus on developing the abilities and expertise of Treasury professionals through training programs and skill-building efforts.
Also, he stressed the importance of actively involving various groups such as the private sector, academia, and Civil Society in order to work together towards achieving sustainable financial success through collaboration. He emphasized that the Civil Service plays a crucial role in carrying out government policy directions, with a specific focus on finance, to ensure a sustainable environment amidst the constantly shifting financial terrain. He believes that it is crucial for the Nigerian government to promptly prioritize the Professional Development of Treasury Management by officially acknowledging it in the hierarchy of civil service and ensuring appropriate positioning.
The key to achieving prosperity in the econ is in advocating for change.
Furthermore, he stated that this aligns with the standards set by other professional organizations within the industry. His statement emphasized CITM’s role as a prominent organization dedicated to promoting high standards in treasury management, firmly standing by its mission to assist the Federal Government in enhancing economic growth, stability, and overall welfare. He stated that the key to achieving positive change and prosperity in the Nigerian Economy lies in spreading knowledge, building capacity, and advocating for change. CITM aims to be the driving force behind this transformation.
During a lecture at Ahmadu Bello University, Zaria, Professor Sabo Bello emphasized the growing importance of Technology in managing finances, stating that digital transformation is crucial for effective treasury management. According to him, it is crucial to prioritize and handle digital transactions in treasury management with care. He stressed the importance of adhering to the principles outlined in these transactions to avoid negative consequences. According to him, advancements in technology have played a crucial role in enhancing the effectiveness, precision, and reach of Treasury functions.
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This encompasses the automation of tasks such as cash forecasting and payment processing reconciliation, resulting in overall operational improvements. After completing his degree in Banking and Finance, Mr. Lawal Adavize expressed a strong interest in focusing on treasury management. He emphasized the importance of the training he received in helping him pursue his career goals. In her role as a staff member of the Nigeria Upstream Regulatory Commission, Ms. Fibi Abdul expressed how participating in the training program would enhance her skills in managing treasury operations with greater efficiency and effectiveness.