Senate moves to curb debt dependency as CIRFMAN bill scales second reading

A bill seeking to establish the Chartered Institute of Revenue and Fiscal Management which is a major step toward addressing Nigeria’s chronic dependence on debt to finance its annual budgets and the country’s weak revenue mobilisation framework has scaled through second reading in the senate.

Senator Adamu Aliero, while presenting the lead debate, noted that Nigeria’s fiscal challenges, marked by persistent revenue shortfalls, leakages and inefficiencies have long been compounded by inadequate capacity in revenue forecasting and fiscal governance.

The Bill, titled a Bill for an Act to establish the Chartered Institute of Revenue and Fiscal Management of Nigeria (CIRFMAN), a professional body dedicated to the advancement of Nigeria’s revenue administration, promote fiscal discipline and ensure greater efficiency, investor confidence, transparency and accountability in public financial management.

The Deputy Senate President Jibrin Barau (APC, Kano North), who presided over Thursday’s plenary, however referred the Bill to the Committees on Finance, Establishment, and Public Service, with a directive to report back in four weeks.

Source: Channels TV