By Cynthia Abah
The House of Representatives on Tuesday passed for a second reading a bill aimed at repealing the Ministry of Finance Incorporated (MoFI) Act of 1959 and reenacting the Ministry of Finance Act, 2024.
Leading the debate, Rep. Ademorin Kuye highlighted that MoFI, established in 1959, was intended to serve as the sole custodian of federal government assets.
However, he noted that the corporation has struggled with asset mismanagement, misappropriation, and the neglect of federal properties, failing to fulfill its mandate.
Kuye pointed out that the original MoFI Act, which consisted of only six sections, lacked the necessary framework to manage Nigeria’s growing and complex asset portfolio.
The new bill proposes a comprehensive 49-section framework to guide the management and custodianship of federal assets.
The proposed legislation aims to revitalize MoFI by establishing a solid institutional framework for corporate governance, organizational structure, and legal authority.
Kuye emphasized that the new law would enhance accountability and ensure the proper use and management of federal assets.
The bill also seeks to empower MoFI to drive economic growth by optimizing the use of federal assets, preventing abandonment, and safeguarding against misappropriation.
By granting the corporation additional powers and providing incentives for its board, the bill aims to transform MoFI into a national institution capable of managing over N300 trillion in federal assets.
If passed, the bill is expected to strengthen MoFI’s role as a key player in managing Nigeria’s national resources and securing the future of the country’s public assets.
