The Chartered Institute of Treasury Management (CITM) said that the proposed bill on the Public Finance Management (PFM) reforms, would reduce manual errors and elevate the level of accountability in financial transactions.
The Office of the Accountant General of the Federation had proposed the bill. It seeks to give legal backing to PFM and operations of the Federation`s Treasury.
Olumide Adedoyin, the Registrar of the institute, who said this in a statement in Abuja on Monday, said the proposed reform was the integration of cutting-edge financial technologies. He said CITM had always been at the forefront of advocating for such reform, adding that the move by the OAGF came at the right time.
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, emphasizing 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.