The Joint Senate Committee on Finance and Establishment on Wednesday held a public hearing on the Chartered Institute of Revenue and Fiscal Management of Nigeria Establishment Bill, 2026.
According to the joint committee, the proposed institute will set professional standards and drive reforms for improved public finance management.
Declaring the public hearing open, the Senate President, Godswill Akpabio, described the proposed legislation as timely and critical to Nigeria’s economic and fiscal stability.
Represented by Sen. Tony Nwoye, Akpabio commended the Committee Chairman, Sen. Mohammed Musa, Co-Chairman, Sen. Cyril Fasuyi, and members for their diligence in advancing the strategic legislative initiative.
He described the bill as timely, saying it directly addressed Nigeria’s economic stability, fiscal sustainability and institutional strength amid growing demands for transparency.
Akpabio noted that Nigeria faced urgent challenges requiring improved revenue mobilisation, stronger fiscal discipline, greater accountability and enhanced transparency in public financial management systems.
“The subject of the day directly relates to the economic stability of our country, fiscal discipline and the institutional strength of our nation,” he added.
In his remarks, the committee chairman, represented by Sen. Adamu Aliero, outlined the core mandates of the proposed institute.
“It seeks to establish and uphold high standards of professional competence and ethics among practitioners.
“It will encourage the advancement of knowledge, research, innovation and best practices within the sector,” he said.
According to him, the institute will also support policies, systems and reforms that strengthen revenue generation and sound fiscal governance.
He said that the institute would certify and develop professionals equipped to meet modern fiscal and revenue challenges.
“The institute will serve as a platform for continuous professional development and provide expert support that will enhance accountability, efficiency, and management of public resources,” he added.
The chairman assured stakeholders that the legislative process would remain inclusive and transparent throughout deliberations on the proposed bill.
“Today’s public hearing provides an opportunity for all stakeholders to contribute meaningfully to the legislative process.
“We are committed to ensuring every relevant voice is heard, every useful recommendation considered and every stakeholder given a fair opportunity to speak.” he said.
The News Agency of Nigeria (NAN) reports that the bill, sponsored by Aliero, seeks to create a regulatory body for revenue professionals.
However, the Auditor-General for the Federation, Chira Shaakaa, however, objected to the proposed institute, warning that it would encourage proliferation of professional bodies within the public sector.
He advised the lawmakers to strengthen and reposition existing institutes through improved funding, capacity building and legislative support instead of creating additional institutions.
Shaakaa argued that establishing new institutes could duplicate responsibilities, increase administrative costs and complicate institutional coordination across the public sector.
Truthng reports that the public hearing attracted participants from ministries, departments and agencies (MDAs), revenue agencies, professional bodies, organised private sector, the academia, civil society and the media.
