By Nathaniel Zaccheaus, Abuja
The Senate’s plan to establish the Chartered Institute of Revenue and Fiscal Management of Nigeria faced stiff resistance on Thursday, as major stakeholders in the taxation and revenue sector called for the bill to be dropped.
At a public hearing organised by the Senate Joint Committee on Finance, Establishment and Public Service, critics of the proposed legislation warned that creating a new professional body would lead to duplication of functions and weaken existing institutions.
The Auditor-General of the Federation, Shaakaa Kenyitor Chira, led the opposition, urging lawmakers to focus on strengthening existing regulatory and professional bodies rather than introducing a new one.
He argued that reinforcing current institutions would enhance efficiency and prevent overlaps in responsibilities within the sector.
The President-Elect of the Institute of Chartered Accountants of Nigeria (ICAN), Queensley Sofuratu Seghosime, also faulted the proposal, cautioning that it would create rivalry among professional bodies and fragment regulatory standards.
She maintained that ICAN’s review of the bill showed it was unnecessary, adding that the proliferation of professional institutions could undermine standardisation.
Similarly, the Chartered Institute of Treasury Management (CITM), represented by Titilayo Fowokan, urged the Senate to halt further consideration of the bill, citing gaps in the draft legislation and advising against its progression to a third reading.
Dr Yemi Sani of the Network of Maletax Practitioners of Nigeria reinforced the opposition, warning that establishing the institute could introduce policy inconsistencies into the sector and calling for the process to be stepped down.
However, not all stakeholders opposed the bill. The Institute of Revenue Management and Research (IRMR) and the Fiscal Responsibility Commission (FRC) backed the proposal, arguing that it would strengthen professionalism and improve fiscal governance.
Earlier, Senate President Godswill Akpabio, represented by Senate Minority Whip Tony Nwoye, said the bill aims to institutionalise professionalism, enhance ethical standards, and promote capacity development in revenue and fiscal management.
Chairman of the Joint Committee, Senator Sani Musa, represented by Senator Adamu Aliero, added that the legislation seeks to create a professional body to regulate and advance standards in revenue and fiscal management practice nationwide.
