Senate Revenue Institute Bill Faces Strong Opposition

The Senate's initiative to establish a Chartered Institute of Revenue Fiscal Management in Nigeria has encountered backlash from various stakeholders in the taxation and revenue sector. During a public hearing on Thursday, key figures, including the Auditor General of the Federation, Shaakaa Kenyitor Chira, criticized the bill for potentially creating unnecessary duplication of existing regulatory bodies.

Chira urged the Senate to focus on strengthening the regulatory powers of current professional bodies rather than establishing new institutions. Titilayo Fowokan, representing the Chartered Institute of Treasury Management, also opposed the bill, stating it would create rivalries among regulatory bodies and weaken professional standards.

Dr. Yemi Sani from the Network of Maletax Practitioners argued that the proposed institute would introduce inconsistencies in policy given the presence of existing bodies.

Senate President Godswill Akpabio and Joint Committee Chairman Sani Musa emphasized the bill's aim to enhance professional standards in revenue fiscal management across the country.