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From Adesuwa Tsan, Abuja
The Senate on Tuesday, May 27, began the process of overhauling the outdated legal framework governing the Ministry of Finance Incorporated (MOFI) with the introduction of the Ministry of Finance Incorporated (Repeal and Re-enactment)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 Senator 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 It seeks to repeal the existing MOFI Act, originally enacted in 1959, and replace it with a modern legal framework.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 optimising government investments in line with international best practices.”
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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 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.”
