Nigeria's Senate has concluded consideration of two key bills aimed at reforming public financial management and regulating the economics profession. The Federal Audit Service Bill seeks to replace a colonial-era law with a modern framework, while the Institute of Economists of Nigeria Bill promotes professional standards. Both measures now await presidential approval.
On December 17, 2025, the Nigerian Senate wrapped up deliberations on the Federal Audit Service Bill, 2025, and the Institute of Economists of Nigeria (Establishment) Bill, 2025. These actions signal steps toward enhancing governance and economic expertise in the country.
The Federal Audit Service Bill, which started in the House of Representatives, proposes repealing the Audit Ordinance of 1956—a law from the British colonial period. If enacted, it would create the Federal Audit Service and the Federal Audit Board, while bolstering the Auditor-General for the Federation's independence, powers, and responsibilities. Senate Leader Opeyemi Bamidele introduced the bill during plenary, stressing its urgency. "The need to repeal the Audit Ordinance Act of 1956 cannot be over-emphasised," he stated. "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."
Bamidele highlighted how the new law would foster transparency, improve legislative oversight, and reinforce anti-corruption efforts to build trust in public fund handling. He added, "This bill seeks to replace that outdated framework with a modern, robust, and fit-for-purpose legal regime that aligns Nigeria’s public audit system with international best practices."
In parallel, the Senate advanced the Institute of Economists of Nigeria Bill to set standards for economists' practice, emphasizing professionalism, ethics, and skill-building in line with global norms. Bamidele noted that both bills, having passed House scrutiny, focus on accountability and regulation essential for effective governance and growth. "The two bills... are straightforward in nature and have undergone the requisite legislative scrutiny and due process in the House of Representatives," he remarked. "They are designed to strengthen public financial accountability and professional regulation, both critical to sound governance and economic development."
The legislation now heads to President Bola Tinubu for assent.
