Stakeholders Oppose Proposed Revenue Institute, Urge Senate to Halt Bill

The proposed establishment of the Chartered Institute of Revenue and Fiscal Management of Nigeria suffered a major setback on Thursday, as key stakeholders in the taxation and fiscal sector rejected the initiative and called on the Senate to discontinue the legislative process.

The opposition emerged during a public hearing on the bill—titled “Chartered Institute of Revenue and Fiscal Management of Nigeria (Establishment) Bill, 2025”—organised by the Senate Joint Committee on Finance, Establishment, and Public Service.

Leading the resistance, the Auditor-General of the Federation, Shaakaa Kenyitor Chira, cautioned lawmakers against creating new professional bodies, urging instead the strengthening of existing institutions to avoid duplication of functions.

He stressed that legislative efforts should focus on reinforcing the regulatory capacity of already established institutes rather than introducing new entities that could overlap mandates.

Echoing similar concerns, the President-Elect of the Institute of Chartered Accountants of Nigeria (ICAN), Queensley Sofuratu Seghosime, described the proposed institute as unnecessary. She warned that proliferating professional bodies would undermine standardisation and lead to fragmentation within the sector.

Also opposing the bill, the Chartered Institute of Treasury Management (CITM), through its representative Titilayo Fowokan, urged the Senate to halt further consideration of the legislation. She cited what she described as inherent lapses in the draft and advised against advancing it to the third reading stage.

Similarly, Dr. Yemi Sani, representing the Network of Male Tax Practitioners of Nigeria, warned that establishing the institute could result in policy inconsistencies within the fiscal management framework.

However, not all stakeholders opposed the bill. The Institute of Revenue Management and Research (IRMR) and the Fiscal Responsibility Commission (FRC) expressed support, backing the proposed institute as a step toward improving professionalism in revenue administration.

In his remarks, Senate President Godswill Akpabio, represented by Senate Minority Whip Tony Nwoye, said the bill was aimed at institutionalising professionalism, strengthening ethical standards, and enhancing capacity development in the revenue and fiscal sector.

Chairman of the Joint Committee, Sani Musa, represented by Adamu Aliero, explained that the proposed institute is intended to regulate, promote, and advance standards in revenue and fiscal management practices nationwide.

Despite these assurances, the sharp division among stakeholders signals a challenging path ahead for the bill as it moves through the legislative process.