The move by the Senate to establish the Chartered Institute of Revenue and Fiscal Management suffered a setback on Thursday, as critical stakeholders in the taxation, revenue generation, collection, and regulatory sectors opposed the proposal.
Strong opposition to the move emerged during a public hearing on the establishment bill for the proposed institute, organised by the Senate Joint Committee on Finance, Establishment, and Public Service.
First to oppose the bill titled, “Chartered Institute of Revenue and Fiscal Management of Nigeria (Establishment) Bill, 2025,” was the Auditor-General of the Federation, Mr Shaakaa Kenyitor Chira, who urged the Senate to enact legislation that would strengthen the regulatory powers of existing professional bodies rather than create new ones.
“Emphasis should be on strengthening existing institutes and not establishing new ones to avoid institutional duplication,” he said.
Making a similar submission, the President-Elect of the Institute of Chartered Accountants of Nigeria (ICAN), Mrs Queensley Sofuratu Seghosime, said the proposed institute would create institutional rivalry in the sector and lead to regulatory fragmentation.
“ICAN has gone through the proposed legislation and strongly considers it unnecessary because the proliferation of professional bodies weakens standardisation,” she said.
Similarly, the representative of the Chartered Institute of Treasury Management (CITM), Mrs Titilayo Fowokan, opposed the proposed legislation and urged the joint committee to halt the process.
“Having reviewed the draft legislation for the establishment of a new institute to be saddled with revenue and fiscal management, and having identified inherent lapses, CITM urges the Senate not to proceed with the bill to the stage of third reading,” she said.
Also speaking at the public hearing, Dr Yemi Sani of the Network of Male Tax Practitioners of Nigeria urged the Senate to step down the bill, warning that establishing the institute could result in policy inconsistencies.
However, some stakeholders, including the Institute of Revenue Management and Research (IRMR) and the Fiscal Responsibility Commission (FRC), expressed support for the proposed legislation.
Earlier in his remarks, the President of the Senate, Godswill Akpabio, represented by the Senate Minority Whip, Senator Tony Nwoye (Anambra North), said the bill was designed to institutionalise professionalism, strengthen ethical standards, promote continuous capacity development, and provide policy advisory support in the sector.
The Chairman of the Joint Committee, Senator Sani Musa, represented by Senator Adamu Aliero, explained that the bill seeks to establish the Chartered Institute of Revenue and Fiscal Management of Nigeria as a professional body responsible for regulating, promoting, and advancing standards in revenue and fiscal management practices nationwide.
