……Lawmakers Back Move to Professionalise Fiscal Governance, Boost Revenue Efficiency
By Fatima Saka
The Bill seeking to establish the Chartered Institute of Revenue and Fiscal Management of Nigeria (CIRFMAN) on Thursday scaled second reading in the Senate, marking a major step toward institutionalising professionalism, accountability, and transparency in the nation’s fiscal governance framework.
Sponsored by Senator Muhammad Adamu Aliero (Kebbi Central), the Chartered Institute of Revenue and Fiscal Management of Nigeria (Establishment) Bill, 2024 (SB.614) seeks to create a statutory professional body that will regulate revenue and fiscal management practices, build capacity among practitioners, and promote global best practices in fiscal administration across Nigeria.
Leading the debate on the Bill, Senator Aliero said the proposed institute would address Nigeria’s long-standing fiscal inefficiencies, including poor revenue mobilisation, leakages, and weak institutional capacity. He noted that effective revenue management is the backbone of any thriving economy and essential to funding development priorities.
“This Bill seeks to institutionalise professionalism and accountability in Nigeria’s fiscal system. It will create a structured platform for training, certification, and regulation of professionals in revenue and fiscal management,” Aliero stated.
He expressed concern over Nigeria’s deteriorating debt-to-revenue ratio, which climbed from 65.8% in 2019 to 147% in 2024, according to the Central Bank of Nigeria. He said this trend underscored the urgent need to reform the country’s fiscal systems and strengthen domestic revenue generation.
Objectives of the Bill
The Bill aims to:
Professionalise fiscal management through standards, ethics, and certification;
Build capacity for practitioners in revenue and fiscal operations;
Enhance regulation and oversight to ensure compliance and transparency;
Advise government on fiscal policy and management strategies; and
Foster collaboration with international institutions to strengthen fiscal governance.
Benefits and Impact
Senator Aliero said the establishment of CIRFMAN would improve revenue generation, reduce leakages, enhance fiscal discipline, attract investment, and align Nigeria’s fiscal practices with international benchmarks.
He cited examples of similar institutions abroad — such as the American Revenue Association (ARA) and the Institute of Revenue Management in Switzerland — emphasising that Nigeria must adopt comparable frameworks to meet its economic goals and align with the African Union’s Agenda 2063 for inclusive growth and sustainable development.
“Without building institutional and human capacity for effective revenue optimisation, Nigeria’s fiscal sustainability will remain elusive,” he warned.
In his concluding remarks, Aliero urged lawmakers to support the passage of the Bill, noting that it represents a strategic reform toward sustainable fiscal governance.
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“By establishing CIRFMAN, we are not just creating a new institution — we are laying the foundation for fiscal discipline, transparency, and revenue efficiency,” he added.
The Bill was subsequently referred to the Senate Committee on Finance for further legislative action.
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