THE Federal Government has said that education in Nigeria should prepare and equip Nigerian youth to gain competitive advantage from the 21st century knowledge economy inside and outside the country.
The government has also instructed the newly established Chartered Institute of Treasury Management (CITM) to come up with measures to tackle corruption and the leakage of resources in agencies, including the Single Treasury Account (TSA).
Minister of Education, Goodluck Opiah, gave the order at the inauguration of the Chartered Institute of Treasury Management Pioneer Council in Abuja.
“We all agreed that education in Nigeria should prepare and equip Nigerian youth to gain competitive advantage from the 21st century knowledge economy within and outside the country. I believe that the activities of this institute will help us achieve this goal,” he said.
He noted that the Institute is particularly important for the education sector as it would ensure that the financial resources allocated to the sector by government, civil society and non-governmental organizations are used judiciously towards achieving the three focus areas of the ministry: access, quality and system reinforcement.
Opiah noted that the institute would not only provide better services to banks and that proper allocation of funds, fraud and embezzlement would also be minimized.
He called on the members of the institute to contribute and work towards a sustainable economy.
“Treasury management is a must-be for any country pursuing sustainable development, as it is a strategic approach to maximizing the beneficial returns from innovative use of both public and private financing.
“In addition, treasury management helps establish preventive mechanisms to secure resources and ensure value for money.
“I am confident that the benefits and effects of establishing this institute will be positive for our society and the Nigerian economy when it is fully operational,” he said.
On some of the benefits of the institute, the minister said: “The supervision and management of the cash flows and their balances will be better managed and utilised; there would be better service from banks, proper allocation of funds will be achieved, while fraud and embezzlement are kept to a minimum.
“We all know that with the benefits mentioned above, the economy will function better with adequate financial resources allocated and disbursed appropriately.”