…passes Institute of Economists of Nigeria Bill

The Senate on Wednesday concluded amendment to Audit Ordinance of 1956, which if eventually assented to, would herald an entirely new audit regime christened the Federal Audit Service Bill, 2025.

The concurrence bill was presented by the Leader of the Senate, Senator Opeyemi Bamidele at the plenary for consideration on Wednesday with a view to strengthening the country’s public accounts management.

The bill, originally introduced in the House of Representatives as the Federal Audit Service Bill, 2025, was designed to repeal the extant Audit Ordinance of 1956, an archaic legislation enacted by the British colonial administration 69 years ago.

When eventually assented to, Bamidele noted that the bill would culminate in establishing the Federal Audit Service and the Federal Audit Board, as well as strengthening the powers, independence, and functions of the Auditor-General for the Federation.

Bamidele explained that the bill sought to replace the outdated framework with a modern, robust, and fit-for-purpose legal regime, which aligned Nigeria’s public audit system with international best practices.

He said, “The need to repeal the Audit Ordinance Act of 1958 cannot be over-emphasised. That Ordinance is a pre-independence legislation enacted for a colonial administrative structure and is grossly inadequate for Nigeria’s present constitutional democracy, complex public finance architecture, and modern accountability standards.

“It does not sufficiently guarantee institutional independence, operational autonomy, or the enforcement powers required of a supreme audit institution in a contemporary governance system.

“This bill therefore seeks to replace that outdated framework with a modern, robust, and fit-for-purpose legal regime that aligns Nigeria’s public audit system with international best practices, including the principles of transparency, accountability, and fiscal responsibility.

“It will enhance legislative oversight, strengthen anti-corruption efforts, and improve public confidence in the management of public funds,” the leader of the senate further explained the national significance of the audit bill.

Also at the plenary on Wednesday, the Senate concluded the process of establishing the Institute of Economists of Nigeria (Establishment) Bill, 2025 designed to deepen edge-cutting research in Economics and promote professionalism in the field.

Bamidele said the bill sought to establish the Institute of Economists of Nigeria, charged with the responsibility of determining, regulating, and maintaining standards of knowledge, skill, and professional qualification for persons aspiring to practice as economists in Nigeria.

“The proposed Institute is intended to promote professionalism, ethical conduct, and capacity development within the economics profession, in line with global best practices.

“The two bills – Federal Audit Service Bill, 2025 and Institute of Economists of Nigeria (Establishment) Bill, 2025 – are straightforward in nature and have undergone the requisite legislative scrutiny and due process in the House of Representatives.

“They are designed to strengthen public financial accountability and professional regulation, both of which are critical to sound governance and economic development,” Bamidele explained. (THE NATION)

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