Business Economy Headline News Nigeria

Buhari partially excludes Finance Ministry from TSA

President Muhammadu Buhari, has on Tuesday, in Abuja, approved the partial exclusion of the Ministry of Finance Incorporated (MOFI), from the Treasury Single Account.

Buhari also granted the request of the Board of MOFI to charge management and transaction fees; as well as the inclusion of the Minister of Power in the Governing Council.

At the 1st Governing Council meeting of MOFI, the president recalled that the new MOFI was launched on February 1, 2023 to transform it from a registry of investment records to a world-class asset and investment management company.

As a government-owned investment company, the president stressed that MOFI must be supported to exercise its responsibility of achieving strong returns on investments, while also contributing to broader economic development of the country.

He commended the Minister of Finance, Budget and National Planning, Zainab Ahmed, the Chairman Board of MOFI, Shamsuddeen Usman, and the entire Executive Team of MOFI for the job well done, three months after inauguration.

‘‘MOFI’s mission is to generate strong risk-adjusted returns, contribute to the well-being of Nigerians, and be a trusted steward of our nation’s assets and investments

President Buhari charged staff and management team of the investment company to continue to work closely with other government agencies, the private sector, Development Finance Institutions, DFIs, and other stakeholders to ensure that they achieved shared goals and objectives.

On the restructuring of MOFI, the President explained that it was a clear indication of the government’s commitment to harnessing and creating value from its assets and investments.

He noted that the federal government is now positioned to optimise its assets, make strategic investments, diversify the economy, generate more revenue, revive public enterprises, and increase transparency in the public sector.

The President reminded members of the council that they had been carefully chosen because of their expertise, experience, and dedication to serving the nation.

Expressing confidence in the abilities of each council member to bring unique perspectives, insights, and skills that would enrich collective decision-making, the President said:

‘‘Our role as the governing council is many-sided. We must ensure that MOFI’s investments are aligned with Nigeria’s economic objectives.

Reporting by Abdullah Bello; Editing by Julian Osamoto and Adeniyi Bakare