Senate begins process to overhaul obsolete MOFI Act

From Adesuwa Tsan, Abuja

Senate has begun the process of overhauling the outdated legal framework governing the Ministry of Finance Incorporated (MOFI) with the introduction of the Ministry of Finance Incorporated (Repeal and Re-enactment) Bill, 2025.

The bill, sponsored by Sani Musa was read for the first time during plenary. It seeks to repeal the existing MOFI Act, originally enacted in 1959, and replace it with a more comprehensive, modern legal framework.

According to Musa, “This bill is intended to reposition MOFI as a commercially-driven and performance-oriented institution capable of managing and optimizing government investments in line with international best practices.”

He emphasised the need for improved governance structures and transparency, stating, “There is a clear need to strengthen governance, improve transparency, and align MOFI’s operations with global standards for sovereign asset management.”

The bill proposes wide-ranging reforms that are expected to improve the performance and value of government-owned enterprises and assets. “By overhauling the existing framework, we aim to deliver better economic returns and support Nigeria’s broader development goals,” he added.

“This is a crucial step toward building a stronger, more accountable system for managing Nigeria’s public assets.”