Nigeria, Nov. 13 -- 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 advance...