Nigeria’s persistent struggle with inefficiencies and corruption in public financial management could be significantly reduced, with up to 85 per cent of fraud potentially preventable through stronger institutional reforms and system integration.

This is the position of the Chartered Institute of Treasury Management (CITM), which has called on the Federal Government to partner with professional bodies to overhaul and strengthen the nation’s financial management architecture.

Over the years, Nigeria’s public finance system has been plagued by challenges ranging from ghost workers draining government payrolls to misapplied budget allocations across ministries, departments, and agencies.

While initiatives such as the Integrated Financial Management Information System (IFMIS) were introduced to address these issues, implementation has remained weak due to poor enforcement, fragmented coordination, and persistent loopholes linking tax administration, budgeting, and treasury operations.

Speaking during the institute’s Mandatory Continuous Professional Training, induction, and recertification programme in Abuja, the Registrar and Chief Executive of CITM, Dr. Adedoyin Olumide, said aligning key financial processes is critical to eliminating systemic leakages.

The event, held at Jasmin Hotel and themed “Financial Management Integration: Aligning Tax, Budgeting and Treasury for National Development,” also featured the induction of new members into the institute.

According to Olumide, CITM is positioned to support the government through advocacy, advisory services, and technical assistance aimed at building a more coherent and efficient financial management system.

“We want to play the role of advocacy, advisory, and assistance to government in creating a financial management system that aligns tax processes, budgeting, and treasury operations for national development,” he said.

He stressed that while tax collection and treasury functions are indispensable, their lack of alignment often results in unrealistic budgets that cannot be effectively implemented.

Olumide further urged the Federal Government to embrace inclusive budgeting by engaging critical stakeholders to ensure that revenue generation aligns with the needs and priorities of citizens.

He also underscored the importance of continuous capacity building, noting that regular training and retraining of personnel would enhance efficiency and reduce waste across treasury operations.

“Once CITM is allowed to partner with government, about 85 per cent of what we call fraud will be a thing of the past,” he added, pointing to longstanding issues such as ghost workers and fund misapplication as evidence of systemic weaknesses.

Also speaking, Chairman of the Board of Fellows of CITM, Dr. Mohamed Buba, highlighted the importance of integrating all stages of public financial management, from budget formulation to execution and treasury oversight.

“Integrating budget formulation, execution, and treasury operations enhances transparency and accountability,” he said. “When properly integrated, the system works efficiently, but when handled in a fragmented manner, it creates opportunities for abuse.”

CITM officials maintained that giving professional bodies a stronger role in policy development, implementation, and training would not only improve operational efficiency but also drastically reduce corruption risks.

They noted that a well-integrated financial management system is essential for fostering transparency, accountability, and sustainable national development.