The Nigerian Senate has passed for second reading a bill seeking to establish the Chartered Institute of Revenue and Fiscal Management of Nigeria (CIRFMAN) — a key legislative move aimed at reducing the nation’s overreliance on debt and strengthening its revenue generation framework.
Presenting the lead debate, Senator Adamu Aliero explained that the proposed institute will play a pivotal role in addressing Nigeria’s persistent fiscal challenges, including chronic revenue shortfalls, leakages, and inefficiencies in public finance administration.
According to Senator Aliero, the bill — titled A Bill for an Act to Establish the Chartered Institute of Revenue and Fiscal Management of Nigeria (CIRFMAN) — seeks to professionalize and standardize revenue and fiscal management practices across all levels of government.
“This initiative is designed to build the technical and institutional capacity needed to improve revenue forecasting, enhance fiscal discipline, and promote transparency and accountability in public finance,” Aliero said. “By ensuring more efficient management of government revenues, the Institute will help Nigeria reduce its dependence on borrowing to fund annual budgets.”
If passed into law, CIRFMAN will serve as a professional regulatory body responsible for setting standards, offering certifications, and advancing best practices in revenue administration and fiscal management nationwide.
Following the bill’s successful second reading, Deputy Senate President Jibrin Barau (APC, Kano North) referred it to the Senate Committees on Finance, Establishment, and Public Service, with instructions to report back within four weeks.
Lawmakers say the proposed legislation represents a major stride toward sustainable fiscal governance and improved investor confidence in Nigeria’s economic management.
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