Stakeholders Oppose New Revenue Institute Legislation

Stakeholders have expressed strong opposition to a Senate bill aimed at establishing a Chartered Institute of Revenue Fiscal Management in Nigeria, which they argue would create unnecessary duplication of existing regulatory bodies. Key figures, including Mr. Shaakaa Kenyitor Chira, Auditor General of the Federation, and representatives from the Chartered Institute of Taxation of Nigeria (CITN) and the Institute of Chartered Accountants of Nigeria (ICAN), have urged the Senate to halt the legislative process.

They emphasize the need to strengthen existing institutions rather than create new ones, which could fragment the regulatory landscape and weaken professional standards. Dr. Yemi Sani, representing the network of tax practitioners in Nigeria, also voiced concerns that establishing the new institute would lead to policy inconsistencies.

The bill was discussed during a public hearing chaired by Sani Musa, with contributions from Senate Minority Whip Toni Nwoye and other legislators, who highlighted the importance of promoting ethical standards and providing policy advisory support in the revenue management sector.