The Senate on Wednesday concluded consideration of the Federal Audit Service Bill, 2025, and the Institute of Economists of Nigeria (Establishment) Bill, 2025, signalling potential reforms in public financial management and professional regulation.

The Federal Audit Service Bill, which originated in the House of Representatives, seeks to repeal the Audit Ordinance of 1956, a legislation enacted during the British colonial administration.

If assented to, the bill will establish the Federal Audit Service and the Federal Audit Board, while strengthening the powers, independence, and functions of the Auditor-General for the Federation.

Senator Opeyemi Bamidele, the Leader of the Senate, presented the bill at plenary, emphasising the need to replace the outdated framework. “The need to repeal the Audit Ordinance Act of 1956 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,” he said.

Bamidele added that the new legislation would promote transparency, enhance legislative oversight, and strengthen anti-corruption measures, thereby improving public confidence in the management of public funds.

“This bill seeks to replace that outdated framework with a modern, robust, and fit-for-purpose legal regime that aligns Nigeria’s public audit system with international best practices,” he noted.

In the same session, the Senate also concluded consideration of the Institute of Economists of Nigeria (Establishment) Bill, 2025. According to Bamidele, the bill is intended to regulate and maintain standards for practising economists in Nigeria, promote professionalism, ethical conduct, and capacity development, 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 critical to sound governance and economic development,” Bamidele said.

The bills now await presidential assent to come into effect.