{"id":126511,"date":"2026-04-09T05:42:50","date_gmt":"2026-04-09T04:42:50","guid":{"rendered":"https:\/\/pointblanknews.com\/pbn\/?p=126511"},"modified":"2026-04-09T05:42:50","modified_gmt":"2026-04-09T04:42:50","slug":"citm-proper-treasury-integration-could-eliminate-85-of-public-sector-fraud","status":"publish","type":"post","link":"https:\/\/pointblanknews.com\/pbn\/news\/citm-proper-treasury-integration-could-eliminate-85-of-public-sector-fraud\/","title":{"rendered":"CITM: Proper Treasury Integration Could Eliminate 85% of Public Sector Fraud"},"content":{"rendered":"<div style=\"text-align: justify;\">By Tracy Moses<\/div>\n<div style=\"text-align: justify;\"><\/div>\n<div style=\"text-align: justify;\">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.<\/div>\n<div style=\"text-align: justify;\"><\/div>\n<div style=\"text-align: justify;\">In response, the Chartered Institute of Treasury Management (CITM) has urged the Federal Government to collaborate with professional bodies to strengthen the nation\u2019s 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.<\/div>\n<div style=\"text-align: justify;\"><\/div>\n<div style=\"text-align: justify;\">Dr. Adedoyin Olumide, Registrar and Chief Executive of CITM, made the appeal during the institute\u2019s Mandatory Continuous Professional Training, induction, and recertification programme held at Jasmin Hotel, Abuja. The programme, themed \u201cFinancial Management Integration: Aligning Tax, Budgeting and Treasury for National Development,\u201d also marked the formal induction of new members as certified professionals.<\/div>\n<div style=\"text-align: justify;\"><\/div>\n<div style=\"text-align: justify;\">\u201cOur goal is to advise, advocate, and support government in creating a financial management system where tax processes, budgeting, and treasury operations are harmonized,\u201d Dr. Adedoyin said. \u201cWhile tax and treasury functions cannot be eliminated, they must be synchronized to ensure budgets can be executed effectively.\u201d<\/div>\n<div style=\"text-align: justify;\"><\/div>\n<div style=\"text-align: justify;\">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.<\/div>\n<div style=\"text-align: justify;\"><\/div>\n<div style=\"text-align: justify;\">\u201cAllowing CITM to collaborate with government could remove as much as 85 percent of what we identify as fraud,\u201d he said, citing persistent issues such as ghost workers and misapplied funds as indicators of systemic weakness.<\/div>\n<div style=\"text-align: justify;\"><\/div>\n<div style=\"text-align: justify;\">Dr. Mohamed Buba, Chairman of CITM\u2019s Board of Fellows, also underscored the need for active stakeholder participation at every stage of public financial management. \u201cIntegrating budget preparation, implementation, and treasury activities improves transparency and accountability,\u201d he said. \u201cIf these processes are handled in isolation, however, problems are inevitable.\u201d<\/div>\n<div style=\"text-align: justify;\"><\/div>\n<div style=\"text-align: justify;\">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.<\/div>\n<!-- AddThis Advanced Settings generic via filter on the_content --><!-- AddThis Share Buttons generic via filter on the_content --><!-- AddThis Related Posts generic via filter on the_content -->","protected":false},"excerpt":{"rendered":"<p>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&hellip;<!-- AddThis Advanced Settings generic via filter on wp_trim_excerpt --><!-- AddThis Share Buttons generic via filter on wp_trim_excerpt --><!-- AddThis Related Posts generic via filter on wp_trim_excerpt --><\/p>\n","protected":false},"author":1,"featured_media":126512,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_lmt_disableupdate":"","_lmt_disable":"","footnotes":""},"categories":[5],"tags":[],"class_list":["post-126511","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v26.8 - 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