The Senate’s push to establish a Chartered Institute of Revenue and Fiscal Management hit a wall on Thursday as key stakeholders in the revenue sector kicked against the move.

Fierce opposition emerged during a public hearing on the establishment bill, organised by the joint Senate Committee on Finance, Establishment and Public Service.

First to oppose the bill was the Auditor General of the Federation, Mr Shaakaa Kenyitor Chira. He urged the Senate to strengthen existing professional bodies instead of creating new ones.

“Emphasis should be on strengthening existing institutes, not establishing new ones, to avoid institutional duplication,” he said.

ICAN’s President-Elect, Queensley Sofuratu Seghosime, backed that position. She said the proposed institute would spark rivalry and fragment regulation in the sector.

“ICAN has reviewed the proposed legislation and strongly sees it as unnecessary. Proliferation of professional bodies weakens standardisation,” she said.

Chartered Institute of Treasury Management representative Titilayo Fowokan also rejected the bill. She asked the joint committee to halt the process entirely.

“Having reviewed the draft and discovered inherent lapses, CITM urges the Senate not to proceed with this legislation to third reading,” she said.

Dr Yemi Sani of the Network of Maletax Practitioners of Nigeria added his voice. He asked the Senate to step down the bill, warning that a new institute would amount to policy inconsistency.

Not all stakeholders opposed the bill. The Institute of Revenue Management and Research and the Fiscal Responsibility Commission, among others, voiced support.

Earlier, Senate President Godswill Akpabio, represented by Minority Whip Tony Nwoye of Anambra North, said the bill seeks to institutionalise professionalism, strengthen ethical standards, promote continuous capacity development, and provide policy advisory support in the sector.

Joint committee Chairman Senator Sani Musa, represented by Senator Adamu Aliero, explained that the bill seeks to establish the Chartered Institute of Revenue and Fiscal Management of Nigeria as a professional body to regulate, promote, and advance standards in revenue and fiscal management nationwide.