The senate has begun the process of repealing and
re-enacting the Ministry of Finance Incorporated (MOFI) Act, 66 years after it
was first enacted.
The move is aimed at reforming how Nigeria’s public assets
are managed.
The bill, titled ‘Ministry of Finance Incorporated Act
(Repeal and Re-enactment) Bill, 2025 (SB. 843)’, is sponsored by Sani Musa,
senator representing Niger east and chairman of the committee on finance.
The proposed legislation passed second reading during
plenary on Tuesday.
Established under the original 1959 Act, MOFI is the
statutory body responsible for managing the federal government’s equity
investments in various enterprises.
The existing law empowers the company to enter into
contracts, acquire property, and manage assets on behalf of the government.
However, Musa said the new bill seeks to reposition MOFI as
a commercially driven and performance-oriented institution, aligned with
international standards for sovereign asset management.
“The bill is intended to reposition MOFI as a key vehicle
for national economic transformation,” the lawmaker said.
“It will help ensure that public investments deliver
long-term value for the country and align with Nigeria’s broader development
objectives.”
According to the senate’s order paper, seen by TheCable, the
proposed law aims to clearly define MOFI’s role as the central public
investment and asset management agency.
It also seeks to strengthen governance structures, improve
transparency, and align operations with private-sector investment principles.
Key provisions in the bill include the modernisation of
institutional frameworks, improved oversight of government-owned enterprises,
and enhanced accountability.
Musa said the bill is a “crucial step toward building a
stronger, more accountable system for managing Nigeria’s public assets”.
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