Move by the Senate to establish Chartered Institute of Revenue and Fiscal Management suffered set back Thursday as critical stakeholders in the taxation, revenue generating, collecting and regulating sector kicked against it.
Strident opposition against the move by the Senate came to the fore during public hearing on the establishment bill for the proposed Institute organised by its joint committee on Finance, Establishment and Public Service.
First to kick against the bill titled: “Chattered 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 come up with legislation that will strengthen the regulatory powers of existing professional bodies rathan than creating new ones.
“Emphasis should be on strengthening existing Institutes and not establishing new ones to avoid Institutional duplication,” he said.
Making similar submission, the President – Elect of Institute of Chartered Accountants of Nigeria (ICAN), Queensley Sofuratu Seghosime, said the proposed institute would create institutional rivalry in the sector and regulatory fragmentation.
“ICAN has gone through the proposed legislation and strongly sees it to be unnecessary because proliferation of professional bodies weakens standardisation,” she said.
Similarly, the representative of Chartered Institute of Treasury Management (CITM), Titilayo Fowokan, kicked against the proposed legislation and pointedly told the joint committee to halt the process .
“Having gone through the draft copy of the proposed legislation for establishment of new Institute to be saddled with revenue and fiscal management and discovered the inherent lapses in it , CITM urged the Senate not to proceed on the legislation to the stage of third reading,” she said.
Also in his submission at the public hearing, Dr Yemi Sani of Network of Maletax Practitioners of Nigeria, told the Senate to step down the establishment for the proposed institute which according to him, will amounts to policy inconsistencies if established.
However, some other stakeholders like the institute of Revenue Management and Research ( IRMR) and Fiscal Responsibility Commission (FRC) etc, supported the proposed legislation.
Earlier in his speech at the public hearing, the President of the Senate, Godswill Akpabio, represented by the Senate Minority Whip, Tony Nwoye (Anambra North) said the legislation was designed to institutionalize professionalism, strengthen ethical standards, promote continuous capacity development, and provide policy advisory support in the vital sector.
Also in his remarks at the beginning of the session , the Chairman of the joint committee, Senator Sani Musa, who was 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 practice across the country.