The Nigerian Senate has approved the Federal Audit Service Bill, 2025, marking the end of amendments to the colonial-era Audit Ordinance of 1956 and paving the way for a contemporary framework to govern public finance audits.
If assented to by President Bola Tinubu, the legislation will repeal the outdated 1956 ordinance a pre-independence law originally designed for colonial administration and introduce a new audit regime.
Key features include the establishment of the Federal Audit Service and Federal Audit Board, alongside enhanced powers, independence, and functions for the Auditor-General of the Federation.
Senate Leader Opeyemi Bamidele, representing Ekiti Central, presented the concurrence bill during Wednesday's plenary session. The bill originated in the House of Representatives and aligns Nigeria's audit system with international best practices.
"The need to repeal the Audit Ordinance Act cannot be overemphasised," Bamidele stated. "It is grossly inadequate for our present constitutional democracy, complex public finance architecture, and modern accountability standards."
He highlighted that the new law will promote transparency, strengthen legislative oversight, bolster anti-corruption measures, and restore public trust in the management of government funds.
On the same day, the Senate also passed the Institute of Economists of Nigeria (Establishment) Bill, 2025, which aims to professionalize the economics field by regulating standards, ethics, and capacity building.
Both bills are seen as critical steps toward improved governance and economic development in Nigeria. The Federal Audit Service Bill now awaits presidential assent to take effect.
Advertise on NigerianEye.com to reach thousands of our daily users
No comments
Post a Comment
Kindly drop a comment below.
(Comments are moderated. Clean comments will be approved immediately)
Advert Enquires - Reach out to us at NigerianEye@gmail.com