Idris Ahmed, the Accountant General of the Federation, has said that President Muhamadu Buhari administration has recorded commendable achievements in the management of scarce resources since the assumption of office in 2015.
He said reforms such as the Treasury Single Account (TSA), Integrated Payroll and Personnel Information System (IPPIS), Government Integrated Financial and Management Information System (GIFMIS) amongst others have helped government maximise scarce resources in the last few years.
Ahmed said this while speaking at his investiture as the 1st President (Post Chartered) and Chairman of Council of the Chartered Institute of Treasury Management (CITM) in Abuja on Friday.
The Accountant General stated the reforms introduced by the government are being advanced to the next level in order to achieve optimum benefits and effectively sustain the gains of the reforms.
He said: “One of my statutory duties as the Accountant-General of the Federation and Head of the Federal Treasury centres is the overall Management of receipts and payments of the Federal Government and Maintenance and operations of the Federation Account.
“The above mandate effectively covers the simple definition of Treasury Management as managing an entity’s liquidity and mitigating its operational, financial and reputational risks. including the entity’s collections, disbursements, investment and funding activities.
“What we do, day-in-day-out in the Office of the Accountant-General of the Federation is practical Treasury Management at its best.
“From July 2015 when I was graciously appointed as the Accountant-General of the Federation by President Muhammadu Buhari, my team and I were determined to infuse a lot of vibes into the numerous Public Finance Management reform initiatives being undertaken by the Office of the Accountant-General of the Federation; and even went ahead to introduce or recommend new ones.
“The primary objective of the PFM reforms is to ensure the sustenance of a stable fiscal position of the Federal Government that would engender efficient delivery of public goods and services in a transparent and accountable manner. It is on record that the present Administration has demonstrated a very strong will and commitment in its drive for managing scarce resources for public good.
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“I will not bore you with the successes we so far recorded in our roles as the main drivers of the reform initiatives such as GIFMIS (Government Integrated Financial and Management Information System), TSA (Treasury Single Account), IPPIS (Integrated Personnel Payroll Information System), IPSAS (International Public Sector Accounting Standards) implementation.
“But we have been very successful with the PFM reforms; even though we are not unaware of some implementation challenges that are not insurmountable. Our desire is to advance the reforms to the next level in order to achieve optimum benefits and effectively sustain the gains of the reforms.”
While speaking on the Institute, Ahmed said: “the journey to achieve the legal charter was indeed a very difficult one. At last, the uncommon diligence and tenacity of the founding fathers has paid off with the passage and assent of the Chartered Institute of Treasury Management (Establishment) Act, 2021”.
He promised to build world-class Professional treasury personnel that are conversant with the complexities of modern treasury management and could competently and efficiently manage public, corporate and private Treasuries as the case may be.
Olumide Adedoyin, Registrar of the Institute, said all over the world, there is no country that is free from daily problems of managing the nation’s economic affairs and well-being of its citizenry and populace.
He said: “It is the strategic initiatives and unrelenting positive contributions of all and sundry at the sub-sector of the national economy driven by patriotism and loyalty to fatherland that have been the catalyst of economic breakthroughs in today’s revered ‘advanced or developed’ economies around the world.
“The challenge before today’s managers whether in the private or public sector of the national economy is the workable and actionable solution to the existing problems on ground and also the ensuing ones not hitherto envisaged that may arise in the course of operations and implementation of formulated policies and strategic initiatives at the private sector and in government business within our national polity.
“What is peculiar in the case of our country Nigeria is the substantial supply of human manpower and high level intelligential with little or no contributions to the thinking pot of national development outside breathtaking criticism and accusation for which the primary mover, if asked, has no iota of idea that would give the needed but elusive solution.
“However, as it is universally believed and accepted, “ideas rule the world.” Such transformational and result oriented ideas is undoubtedly a direct product of an inquisitive mindset with a strong belief in the existence of solutions to every problem or challenge we encounter, though yet unknown but can be discovered by in-depth analysis, rigorous brainstorming and thinking through solutions, but not otherwise.”
He said: “The foundation of CITM came through the thought process of a conceiving mind, curious enough to find a solution to the common problem of impacting cash management with treasury management initiatives as a measure of safe guiding the treasury.
“This can be achieved by the idea of an organization that could spearhead the establishment and raise a national consciousness of accountability, transparency, prudence and probity in public offices as a multi-purpose vehicle into solving our economic woes.”
“Following up on this eye-opening idea, the process of the formation, founding, progressive operation of the body began with high financial outlay, sacrifices and many discouragements, but with undaunted resolve to see the idea materialize, we are here today.”
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