Stakeholders Oppose New Revenue Institute, Urge Senate to Drop Bill

The Senate’s move to establish the Chartered Institute of Revenue and Fiscal Management has suffered a setback, as critical stakeholders in the taxation, revenue generation, collection, and regulatory sectors opposed the proposal on Thursday.

Strong resistance to the initiative emerged during a public hearing on the establishment bill for the proposed institute, organised by the Senate’s Joint Committee on Finance, Establishment, and Public Service.
Leading the opposition to the bill titled “Chartered Institute of Revenue and Fiscal Management of Nigeria (Establishment) Bill, 2025,” the Auditor-General of the Federation, Mr. Shaakaa Kenyitor Chira, urged the Senate to focus on strengthening the regulatory capacity of existing professional bodies rather than creating new ones.
He stressed that emphasis should be placed on reinforcing already established institutes to avoid institutional duplication.
Similarly, the President-Elect of the Institute of Chartered Accountants of Nigeria (ICAN), Queensley Sofuratu Seghosime, argued that the proposed institute could trigger rivalry within the sector and lead to regulatory fragmentation. She noted that ICAN considers the bill unnecessary, warning that the proliferation of professional bodies could weaken standardisation.
In the same vein, Titilayo Fowokan, representing the Chartered Institute of Treasury Management (CITM), opposed the legislation and urged the joint committee to halt the process. She pointed out that a review of the draft revealed inherent lapses and advised the Senate not to advance the bill to the third reading stage.
Also speaking at the hearing, Dr. Yemi Sani of the Network of Maletax Practitioners of Nigeria called on the Senate to step down the proposal, warning that establishing the institute could result in policy inconsistencies.
However, not all stakeholders opposed the bill. Some, including the Institute of Revenue Management and Research (IRMR) and the Fiscal Responsibility Commission (FRC), expressed support for the proposed legislation.
Earlier in his address, the President of the Senate, Godswill Akpabio, represented by the Senate Minority Whip, Senator Tony Nwoye (Anambra North), stated that the bill aims to institutionalise professionalism, strengthen ethical standards, promote continuous capacity development, and provide policy advisory support in the sector.
In his opening remarks, 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 across the country.