The Senate on Thursday 13th, November passed for second reading a bill seeking to establish the Chartered Institute of Revenue and Fiscal Management of Nigeria, a proposed professional body that would promote accountability, transparency, and efficiency in public finance administration.
The bill, titled A Bill for an Act to Establish the Chartered Institute of Revenue and Fiscal Management of Nigeria and for Related Matters, 2025 (SB. 614), was sponsored by Senator Adamu Aliero, senator representing Kebbi central.
Leading the debate, Senator Aliero said the proposed institute would regulate fiscal management practices, monitor compliance with professional standards, and strengthen Nigeria’s economic governance framework.
Monitor the conduct of its members and ensure compliance with technical and professional standards. He said, “It will serve as an advisory body to the government on fiscal policies and revenue management strategies.”
He further explained that, the body would conduct studies to improve fiscal systems and, by professionalising the revenue sector, help Nigeria tackle inefficiency, poor revenue collection processes, and fiscal indiscipline. Senator
Aliero added that the institute would enhance fiscal discipline, develop well-trained professionals, and promote transparent and efficient investment practices that will attract investors and drive economic growth through global competitiveness.
Senator, Tokunbo Abiru, senator representing Lagos east, described the bill as timely but cautioned that lawmakers must “ensure it complements legislative oversight and does not weaken accountability mechanisms.”
However, several senators opposed the proposal, arguing that it duplicates the roles of existing institutions.
Senator Aminu Abbas, senator representing Adamawa central, said there should be a clear distinction between this and other existing agencies.”
Senator Ibrahim Dankwambo, senator representing Gombe north, said: “Fiscal policy is taxation. We already have the Chartered Institute of Taxation, ICAN, and ANAN performing similar roles. This is duplication.”
Senator Rufai Hanga, senator representing Kano central, also faulted the bill, saying: “If we keep duplicating laws, it looks like we don’t have anything doing.”
Senator Aliyu Wadada, senator representing Nasarawa west, said the existing fiscal institutions should be strengthened instead of creating new ones.
In defence of the bill, Senator Orji Kalu, senator representing Abia north, said the bill should be allowed to pass second reading for further refinement at the committee stage. Say, “It will be unfair to kill this bill,”
Senator Abdul Ningi, senator representing Bauchi central, also backed the bill, saying: “No bill is perfect. Even if there is one benefit, it is the job of the legislators to refine it at the committee stage.”
After an intense debate, Senator Barau Jibrin, deputy senate President and presiding officer, put the question to a voice vote. The ‘nays’ were loud, before Barau ruled that the ‘ayes’ had it.
Barau thereafter referred the bill to the committees on finance, establishment, and public service matters for further legislative work, directing them to report back within four weeks.
