The Senate has passed a bill to establish the Chartered Institute of Revenue and Fiscal Management, a proposed legislation which is a major step toward addressing Nigeria’s chronic dependence on debt to finance its annual budgets and the country’s weak revenue mobilisation framework.

Presenting the lead debate, Senator Adamu Aliero, noted that Nigeria’s fiscal challenges, marked by persistent revenue shortfalls, leakages and inefficiencies have been compounded by inadequate capacity in revenue forecasting and fiscal governance.

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The Bill, titled a Bill for an Act to establish the Chartered Institute of Revenue and Fiscal Management of Nigeria (CIRFMAN), a professional body dedicated to the advancement of Nigeria’s revenue administration, promote fiscal discipline and ensure greater efficiency, investor confidence, transparency and accountability in public financial management.

Following its second reading, Deputy Senate President Jibrin Barau (APC, Kano North) referred the Bill to the Committees on Finance, Establishment, and Public Service, with a directive to report back in four weeks.