The Senate has held a public hearing on a bill seeking to establish the Chartered Institute of Revenue and Fiscal Management of Nigeria, marking a major step in the legislative process for the proposed institution.
The bill, titled “Chartered Institute of Revenue and Fiscal Management of Nigeria (Establishment) Bill, 2025,” was sponsored by Senator Adamu Aliero (APC, Kebbi Central).
During the hearing, stakeholders in the taxation and revenue sector expressed divergent views on the proposed institute, with some supporting its creation while others opposed it, citing concerns over duplication of existing professional bodies.
The public hearing was organised by the Senate Joint Committee on Finance, Establishment, and Public Service, chaired by Senator Sani Musa (APC, Niger East).
Representing Senate President Godswill Akpabio, Senator Tony Nwoye (ADC, Anambra North), said the proposed legislation was aimed at strengthening professionalism, ethical standards, and capacity development in revenue and fiscal management.
He said the bill was designed to improve revenue mobilisation, fiscal discipline, transparency, and accountability in public financial management, noting that effective revenue administration is critical to national development.
“The National Assembly recognises that sustainable development is not determined solely by how much revenue is generated, but also by how effectively it is managed and deployed for the benefit of Nigerians,” he said.
Also speaking, Senator Sani Musa described the bill as an effort to institutionalise standards in revenue and fiscal management practice across Nigeria.
However, several stakeholders opposed the bill, including the Auditor-General of the Federation, Shaakaa Chira, who urged lawmakers to strengthen existing institutions rather than create new ones, warning against duplication of regulatory bodies.
Similarly, the President-elect of the Institute of Chartered Accountants of Nigeria (ICAN), Queensley Sofuratu Seghosime, said the proposed institute could lead to fragmentation and weaken professional standards in the sector.
The Chartered Institute of Treasury Management and the Network of Male Tax Practitioners of Nigeria also called for the bill to be stepped down.
Meanwhile, supporters of the bill, including representatives of the Institute of Revenue Management and Research (IRMR), argued that the proposed institute would enhance professional standards and fill existing capacity gaps in revenue and fiscal management.
They said the initiative would help address challenges in revenue generation and fiscal administration in both the public and private sectors, while improving economic governance.
The proponents further stated that the institute would operate training and postgraduate programmes aimed at building capacity in revenue management across Nigeria and beyond.
The Senate is expected to consider recommendations from the public hearing as the bill progresses through the legislative process.
