FG urged to prioritise fiscal discipline

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By Femi Ogunshola

The Registrar, Chartered Institute of Treasury Management (CITM), Mr Olumide Adedoyin, has urged the Federal Government to prioritise fiscal discipline in order to promote transparency and enhance revenue mobilisation.

Adedoyin said this at the continuous mandatory training programme of the institute in Abuja on Wednesday.

The theme of the training is: “Navigating the Evolving Landscape of Treasury Management: Strategies for Sustainable Financial Excellence“.

According to him, to ensure sustainable financial excellence, the federal government should implement prudent fiscal measures that prioritise fiscal discipline, promote transparency and enhance revenue mobilisation.

He called for strategic investments in infrastructure, human capital development and innovation to stimulate economic growth and diversification.

He also underscored the importance of maintaining price stability, preserving the value of the national currency, and fostering a conducive environment for investment and economic activities.

“The Nigerian Government is encouraged to collaborate with regulatory authorities to implement sound monetary policies that mitigate inflationary pressures, facilitate access to credit for businesses, and promote financial inclusion”, Adedoyin said.

He called for a holistic approach to treasury management that would integrate fiscal and monetary policies with strategic planning and risk management frameworks.

He also urged the federal government to prioritise capacity-building and professional development initiatives to enhance the skills and competencies of Treasury professionals.

He urged proactive engagement with stakeholders, including the private sector, academia, and civil society, to foster a collaborative approach towards achieving sustainable financial excellence.

He said the civil service is the catalyst for the implementation of government policy directions, particularly the finance function, for a sustainable environment in the ever-changing financial landscape.

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According to him, it is imperative that the Nigerian government takes urgent steps toward professionalising treasury management through recognition in the scheme of service and proper placement.

This, according to him, is in line with other professional bodies in the system.

He said: “As a leading institution committed to advancing excellence in treasury management, CITM remains steadfast in its dedication to supporting the Federal Government’s efforts towards economic growth, stability, and wellbeing.”

He said this would come through knowledge dissemination, capacity building, and advocacy. CITM endeavours to serve as a catalyst for positive change and prosperity in the Nigerian economy.

Prof. Sabo Bello of Ahmadu Bello University, Zaria, while speaking on digital transformation, said technology had become increasingly imperative in treasury management.

He said that digital transactions in treasury management should be taken seriously and appropriately, adding that failure to follow the principles contained in them would not augur well.

He said technology had helped in improving efficiency, accuracy, and the spread of Treasury operations, adding that it included automating cash forecasting and payment processing reconciliation, among others.

Mr Lawal Adavize, a participant, said his desire was to concentrate on treasury management as a graduate of Banking and Finance, adding that he found the training expedient.

Ms. Fibi Abdul, another participant and a staff member of the Nigeria Upstream Regulatory Commission, said the training would help her achieve efficient and effective treasury management. (NAN) (www.nannews.ng)

Edited by Uche Anunne

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