Education Minister Highlights Benefits As FG Inaugurates Chartered Institute of Treasury Management

The Federal Government has officially inaugurated the Chartered Institute of Treasury Management (CITM).

The institute was established by Act No 1, 2022 to institutionalize preventive mechanisms against fraud, outright embezzlement, and misappropriation/misapplication in the management of the Treasury.

In January, the former Accountant-General of the Federation, Ahmed Idris, was sworn in as the CITM President.

It was inaugurated by the Minister of State for Education, Goodluck Nanah Opiah, in Abuja on Tuesday.

Speaking at the inauguration, the Minister spoke on the proposed effects that the institute would have on treasury management in Nigeria.

“There would be better services from banks; Supervision and management of cash flows and its balances will be better managed and utilized; Proper allocation of funds will be achieved.

“Fraud and embezzlement would be minimized; Risk of loss in the management of investment in liquid assets will be eliminated; Firms would operate at a minimum cost of funds possible within the economy of their domicile,” he said.

The Minister also spoke on the importance of the CITM to the education sector, citing that it would ensure that finances allocated to the sector would be used judiciously.

“Chartered Institute of Treasury Management is particularly important to the education sector because it will help ensure that finances allocated to the sector by government, civil society, and non-governmental organizations will be judiciously utilized for the achievement of the Ministry’s three focal areas of Access, Quality and Systems Strengthening and of course the timely attainment of the Ministry’s 10 Pillars of the Education for Change: A Ministerial Strategic Plan (MSP)”, he said.