By Joy Odor
The Minister of State for Education, Hon Goodluck Opiah has affirmed that treasury management is a must be for any nation that targets sustainable development.
According to him, this is imperative because it is a strategic approach to optimising beneficial returns of innovative deployment of both public and private finance.
The Minister gave the affirmation at the inauguration of the Council of the Chartered Institute of Treasury Management (CCITM) in Abuja on Tuesday.
Hon Opiah maintained that treasury management would help to put in place preventive mechanism to safeguard resources and ensure that there is value for money.
He pointed out that the supervision and management of cash flows and its balances will be better managed and utilised, better services from banks, proper allocation of funds will be achieved while fraud and embezzlement would be minimised.
The Minister said with the above mention benefits, the economy will function better with adequate financial resources appropriately allocated and disbursed.
The 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 nongovermental organisations will be judiciously utilised 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
“I am very confident that the benefits and impacts of the establishment of this Institute will be positive on our society and the Nigerian economy when fully operational” he said.
Hon Opiah therefore reminded all stakeholders to the fact that Nigeria education must prepare and arm Nigeria’s youths to take competitive advantage of the 21st century knowledge-driven economy within and outside the country.
He believed that the operations of this Institute would helped achieve this target.
The Minister implored the Council members to contribute their best to ensure that the vision, mission, mandates and functions of the institute as enshrined in the Act that established it are achieved for a better, more resourceful and sustainable development in Nigeria.
“I am very confident that the benefits and impacts of the establishment of this Institute will be positive on our society and the Nigerian economy when fully operational which include:-
“Supervision and management of cash flows and its balances will be better managed and utilized. There would be better services from banks. Proper allocation of funds will be achieved. Fraud and embezzlement would be minimized. Risk of loss in management of investment in liquid assets will be eliminated and Firms would operate at minimum cost of funds possible within the economy of their domicile.
“We all know that with the above mention benefits, the economy will function better with adequate financial resources appropriately allocated and disbursed.
“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).
“At this juncture, it is my singular honour and pleasure to officially inaugurate the Council of the Chartered Institute of Treasury Management, Nigeria. Congratulations” the Minister noted.
