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By Tracy Moses
Nigeria has continued to grapple with inefficiencies and corruption in public financial management, from the phenomenon of ghost workers draining millions in salaries to the misallocation of funds across federal and state agencies. Attempts to implement integrated systems, such as the Integrated Financial Management Information System (IFMIS), have often been undermined by weak enforcement, fragmented coordination, and loopholes spanning tax collection, budgeting, and treasury functions. Civil society groups and professional organizations have consistently highlighted these shortcomings, warning that without structural reforms, inefficiency and misuse of resources will persist, slowing national development.
In response, the Chartered Institute of Treasury Management (CITM) has urged the Federal Government to collaborate with professional bodies to strengthen the nation’s financial management system. The institute emphasized that up to 85 percent of fraud could be prevented if tax, budgeting, and treasury functions are properly aligned.
Dr. Adedoyin Olumide, Registrar and Chief Executive of CITM, made the appeal during the institute’s Mandatory Continuous Professional Training, induction, and recertification programme held at Jasmin Hotel, Abuja. The programme, themed “Financial Management Integration: Aligning Tax, Budgeting and Treasury for National Development,” also marked the formal induction of new members as certified professionals.
“Our goal is to advise, advocate, and support government in creating a financial management system where tax processes, budgeting, and treasury operations are harmonized,” Dr. Adedoyin said. “While tax and treasury functions cannot be eliminated, they must be synchronized to ensure budgets can be executed effectively.”
He urged the Federal Government to adopt inclusive budgeting practices, engaging stakeholders to ensure that revenue allocation aligns with community needs. Dr. Adedoyin further stressed the importance of regular training and retraining of public finance personnel to enhance efficiency and reduce waste in treasury operations.
“Allowing CITM to collaborate with government could remove as much as 85 percent of what we identify as fraud,” he said, citing persistent issues such as ghost workers and misapplied funds as indicators of systemic weakness.
Dr. Mohamed Buba, Chairman of CITM’s Board of Fellows, also underscored the need for active stakeholder participation at every stage of public financial management. “Integrating budget preparation, implementation, and treasury activities improves transparency and accountability,” he said. “If these processes are handled in isolation, however, problems are inevitable.”
CITM officials concluded that engaging professional bodies in policy-making and staff training would not only improve operational efficiency but also dramatically reduce opportunities for corruption, fostering a more accountable, transparent, and resilient public financial management system in Nigeria.