Senate advances bill to establish CIRFMAN

…Bill Aims to Strengthen Nigeria’s Revenue Mobilisation and Fiscal Management Framework

By Henry Umoru, Abuja

A Bill for the Establishment of the Chartered Institute of Revenue and Fiscal Management of Nigeria (CIRFMAN) has scaled second reading in the Senate, marking a major step toward improving the country’s fiscal governance and reducing reliance on debt to fund national budgets.

According to the Senate, CIRFMAN, once established, will provide a professional framework to enhance revenue mobilisation, regulate fiscal management practices, and ensure adoption of global best practices in public finance. The Bill, sponsored by Senator Adamu Aliero (APC, Kebbi Central), is formally titled:

“A Bill for an Act to Establish the Chartered Institute of Revenue and Fiscal Management of Nigeria, a Professional Body dedicated to the Advancement, Regulation, and Promotion of Excellence in Revenue and Fiscal Management Practices in Nigeria, thereby enhancing Efficiency, Transparency, and Accountability in Public Financial Management and contributing to the overall Economic Development of the Nation; and for Related Matters, 2025 (SB. 614).”

Following its second reading, the Deputy President of the Senate, Senator Jibrin Barau (APC, Kano North), referred the Bill to the Senate Committees on Finance, Establishment, and Public Service to report back within four weeks.

Presenting the lead debate, Senator Aliero highlighted the urgent need for structural reforms in Nigeria’s fiscal system.

“Revenue generation and fiscal management are the backbone of any nation’s development. In Nigeria, persistent revenue shortfalls, inefficiencies, and inadequate capacity in revenue forecasting have made the country overly dependent on debt to finance its budget,” he said.

Aliero noted that Nigeria’s debt-to-revenue ratio has seen significant fluctuations in recent years: 2015–2019: Moderate but rising, reaching around 65.8% in 2019.

2020–2021: Peaked at 96.7% in 2020 and 123.2% in 2021 due to higher debt servicing and reduced revenues during the COVID-19 pandemic.

2022–2024: Continued fiscal stress, with debt servicing consuming over 100% of revenue in some periods, and reaching 147% of retained revenue in 2024, according to the Central Bank of Nigeria.

“This trajectory underscores the need for professionalisation, accountability, and capacity building in fiscal and revenue management,” Aliero stated.

The Bill seeks to: Professionalise Revenue and Fiscal Management – Establish standards, ethics, and certifications for practitioners.

Capacity Building – Provide training, research, and development opportunities for revenue professionals.

Regulation and Oversight – Monitor practitioners and enforce adherence to global best practices.

Collaboration – Foster partnerships with domestic and international institutions to enhance fiscal governance.

Economic Development – Improve revenue generation and utilisation to support national development.

Membership: Open to professionals from public and private sectors who meet certification requirements.

Training and Certification: Conduct workshops, seminars, and professional courses.

Regulatory Oversight: Monitor members’ conduct and ensure compliance with ethical standards.

Policy Advocacy: Serve as an advisory body on fiscal policies and revenue strategies.

Research and Development: Conduct studies to improve fiscal systems in Nigeria.

Senator Aliero explained that CIRFMAN will: Reduce revenue leakages and inefficiencies.

Strengthen fiscal discipline and accountability in public finance.

Attract foreign investment through transparent and efficient fiscal practices.

Align Nigeria’s fiscal practices with international standards.

Provide training and skill development for revenue professionals.

Enhance coordination among revenue agencies and stakeholders.

Aliero cited international examples, including the American Revenue Association (ARA), Institute of Revenue Management in Switzerland, and other global counterparts, noting that establishing CIRFMAN will bring Nigeria in line with global best practices.

“This Bill represents a bold step toward institutionalising professionalism in one of the most critical sectors of our economy. By creating CIRFMAN, we are enhancing efficiency, transparency, and accountability in Nigeria’s fiscal and revenue management systems,” he concluded.

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