Chartered Institute of Treasury Management (CITM) has urged the federal government to declare a state of emergency on treasury management in order to drive President Bola Tinubu’s reform agenda.
Mr Olumide Adedoyin, the Registrar, CITM said this at a professional training programme titled ” Treasury Strategies for Security and Optimisation”, in Abuja.
He said the emergency declaration must emphasise the urgency and commitment to address the existing challenges.
This, according to him, would further provide a strong mandate for implementing necessary reforms.
He added that the president should also
establish a treasury management to drive his reform agenda.
According to him, the government should establish a dedicated treasury management Task Force comprised of experts, professionals, and relevant stakeholders.
He said the task force would be responsible for conducting a comprehensive needs assessment of the current treasury management practices, identifying gaps, and formulating actionable recommendations.
He called on the president to conduct an Independent audit on treasury management which should be undertaken to assess the state of affairs accurately.
” This audit will help identify areas of inefficiency, financial leakages, and any potentially fraudulent activities and the findings will serve as a basis for targeted interventions and reforms, ” he said
He said there was a need to strengthen the regulatory framework governing treasury management, this includes updating existing laws, regulations, and guidelines.
This he said was to align with international best practices and improve transparency, accountability, and risk management.
Adedoyin called for Investment in robust technology infrastructure to support efficient treasury operations, adding that there was a need to Implement modern treasury management systems.
He said this would help to automate processes, enhance data integrity, and facilitate real-time monitoring of financial transactions.
He added that it would improve efficiency, reduce manual errors, and enhance the security of treasury operations.
He also called for a deliberate move to curb the effect of weak diversification of Nigeria’s economy.
He said, “there must be a calibration of our choices to curb the effects of weak diversification in all sectors.”
He said this would reduce the exposure of the economy to oil price volatility and increase the resilience of the treasury to the effects of insecurity in the market at both local and domestic and external shocks.
Adedoyin said it is imperative to do a historical snapshot of the economic challenges bedeviling the country, while decrying the Nigerian state’s heavy reliance on crude.
He frown at the near jettisoning of other primary sources of direct foreign exchange and investments in terms of agriculture, rawhide, and skin, solid minerals, economic tree produce, farm produce for export
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