The Senate has reached a pivotal milestone in the legislative process for the establishment of the Chartered Institute of Revenue and Fiscal Management of Nigeria (CIRFMAN). During a public hearing held in Abuja on Monday, the Senate Joint Committee on Finance, Establishment, and Public Service gathered critical input from stakeholders on the proposed 2025 Establishment Bill.
Sponsored by Senator Adamu Aliero (APC, Kebbi Central), the Bill seeks to create a professional body dedicated to regulating, promoting, and advancing standards in revenue and fiscal management. The legislation aims to address Nigeria’s urgent need for improved revenue mobilization, fiscal discipline, and transparency in public financial management.
Opening the session on behalf of Senate President Godswill Akpabio, Senate Minority Whip, Senator Tony Nwoye emphasized that the Bill is a strategic response to Nigeria’s economic climate.
“This initiative is about building national capacity and strengthening the systems that support governance,” Akpabio stated. “The National Assembly recognizes that sustainable development is determined not just by how much revenue is generated, but by how effectively it is managed and safeguarded for the Nigerian people.”
The hearing witnessed a robust debate between proponents of the new Institute and established professional bodies:
In Support: The Fiscal Responsibility Commission, the Association of Revenue Practitioners, and the Institute of Revenue Management and Research (IRMR) led the support. Professor Ofiafoh Eiya, President of IRMR, noted that the Bill fills a critical knowledge gap and addresses the challenge of low government revenue relative to rising debt servicing. He revealed that the institute already boasts a membership of 1,736 professionals across various government tiers and the private sector.
In Opposition: The Auditor General of the Federation, Shaakaa Kenyitor Chira, and the Institute of Chartered Accountants of Nigeria (ICAN) expressed concerns regarding institutional duplication. ICAN President-Elect, Queensley Sofuratu Seghosime, argued that a proliferation of professional bodies could weaken standardization and create “regulatory fragmentation” within the sector.
The proposed Institute plans to establish a College of Postgraduate Studies in Revenue and Fiscal Management, intended to build capacity for practitioners globally. Proponents argue that CIRFMAN does not conflict with existing laws but rather complements the current fiscal ecosystem by institutionalizing ethics and integrity among those entrusted with resource mobilization.
The Joint Committee, chaired by Senator Sani Musa (represented by Senator Aliero), will now review the submissions and shared wisdom from the hearing to guide the Bill toward its final reading and passage.
