The Senate has passed for second reading a bill seeking to establish the Chartered Institute of Revenue and Fiscal Management of Nigeria (CIREMN).

This followed the presentation of the general principles of the bill at plenary on Thursday by the sponsor, Adamu Aliero (APC-Kebbi).

The bill sought to establish a professional body that will promote accountability, transparency and efficiency in public finance administration.

Leading the debate on the bill, Mr Aliero said that the proposed institute would regulate fiscal management practices, monitor compliance with professional standards and strengthen Nigeria’s economic governance framework.

He said, “The institute will monitor the conduct of its members and ensure compliance with technical and professional standards. It will serve as an advisory body to the government on fiscal policies and revenue management strategies.’’

He said that the body would conduct studies to improve fiscal systems and, by professionalising the revenue sector, help Nigeria tackle inefficiency, poor revenue collection processes and fiscal indiscipline.

According to him, the institute will enhance fiscal discipline, develop well-trained professionals, and promote transparent and efficient investment practices that will attract investors and drive economic growth through global competitiveness.

“In capacity development, the institute will provide opportunities for Nigerians to acquire advanced skills in revenue and fiscal management and improve coordination among relevant agencies and stakeholders,” he said.

Tokunbo Abiru (APC-Lagos) described the bill as timely but cautioned that lawmakers must ensure it complements legislative oversight and does not weaken accountability mechanisms.

However, some lawmakers opposed the proposal, arguing that it duplicates the roles of existing institutions.

Aminu Abbas (PDP-Adamawa) said there should be a clear distinction between the proposed institute and other existing agencies.

Ibrahim Dankwambo (PDP-Gombe) said that there was already a fiscal policy on taxation and an existing Chartered Institute of Taxation, ICAN and ANAN performing similar roles; hence described it as a duplication.

In defence of the bill, Orji Kalu (APC-Abia) said that the bill should be allowed to pass second reading for further legislative inputs at the committee stage.

He said, “It will be unfair to kill this bill. The committee will do a thorough and professional job.”

Deputy President of the Senate, Barau Jibrin, after the bill was passed for second reading, referred it to the committees on finance, establishment and public service matters for further legislative work and to report back within four weeks.

(NAN)