Senate Approves Second Reading of Chartered Revenue, Fiscal Management Bill

The Nigerian Senate has advanced the Bill for an Act to Establish the Chartered Institute of Revenue and Fiscal Management of Nigeria (SB. 614) to its second reading, a key step toward professionalizing the nation’s revenue and fiscal management sector amid concerns about potential overlap with existing bodies.
Sponsored by Senator Aliero Adamu Mohammed Mainasara (Kebbi Central), the legislation proposes creating a statutory institute tasked with capacity building, regulation, and the promotion of global best practices in fiscal administration, with the aim of enhancing efficiency, transparency, and accountability in public financial management.
During plenary, Senator Aliero highlighted the urgency of strengthening Nigeria’s fiscal frameworks, noting that the country’s debt-to-revenue ratio reached 147% of retained revenue in 2024. He argued that a professional body to train, certify, and regulate revenue practitioners could reduce inefficiencies, curb revenue leakages, attract investment, and support sustainable national development.
Supporters, including Senators Mohamed Sani Musa (Niger East), Waziru Aminu Tambuwal (Sokoto), and Mikael Adetokunbo Abiru (Lagos East), emphasized that the institute would professionalize the sector, improve capacity building, enhance fiscal discipline, and complement the Senate’s oversight and appropriation functions.
However, some lawmakers expressed caution. Senator Binos Dauda Yaroe (Adamawa South) and others noted that existing bodies such as the Chartered Institute of Taxation (CIT) already regulate aspects of revenue collection, raising concerns about duplication, regulatory overlap, and additional costs. Critics also questioned whether creating a new institution was the most efficient way to achieve the bill’s objectives, suggesting that amending existing laws might suffice.
In response, the Senate stressed the importance of public hearings and committee deliberations to harmonize the bill with current legislation and clarify the institute’s mandate. Senators agreed that adjustments could be made to prevent overlap, but there was consensus that the bill should proceed to second reading for broader consultation.
If passed into law, the institute would provide professional courses, workshops, and certifications, regulate members’ conduct, advise the government on fiscal policy, and conduct research to improve revenue management practices. Advocates argue that it could play a crucial role in modernizing Nigeria’s fiscal landscape, enhancing global competitiveness, and promoting transparent and accountable public financial management.
Deputy Senate President Jibrin Barau, who presided over the session, welcomed the bill’s advancement, describing it as “a timely and important initiative” to strengthen fiscal governance in Nigeria. He emphasized the need for a professional framework that ensures efficiency, accountability, and alignment with international best practices. While acknowledging concerns about duplication and cost, Barau urged committees and senators to conduct thorough consultations and public hearings to harmonize the institute’s mandate with existing institutions, stressing that “any new framework must complement, not conflict with, the bodies already regulating revenue and fiscal matters.”
The advancement of the bill underscores the Senate’s broader commitment to enhancing transparency, improving revenue generation, and supporting sustainable economic development in Nigeria.