LunagisthubNigeria’s Audit Framework Gets a Modern Overhaul
The Nigerian Senate is taking steps to modernize the country’s audit framework with the introduction of the Federal Audit Service Bill, 2025. This bill aims to repeal the outdated Audit Ordinance Act of 1958, which is no longer suitable for Nigeria’s current constitutional democracy and complex public finance architecture.
The existing law does not provide sufficient institutional independence, operational autonomy, or enforcement powers required of a supreme audit institution in a contemporary governance system. The proposed bill seeks to replace this outdated framework with a modern, robust, and fit-for-purpose legal regime that aligns Nigeria’s public audit system with international best practices .
The new bill is expected to:
– Enhance legislative oversight
– Strengthen anti-corruption efforts
– Improve public confidence in the management of public funds
– Promote transparency, accountability, and fiscal responsibility
In addition to the audit bill, the Senate has also concluded the legislative process on the Institute of Economists of Nigeria (Establishment) Bill, 2025. This bill aims to establish the Institute of Economists of Nigeria, which would be responsible for determining, regulating, and maintaining standards of knowledge, skill, and professional qualification for persons aspiring to practice as economists in the country .
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