{"id":57128,"date":"2024-11-27T16:39:05","date_gmt":"2024-11-27T16:39:05","guid":{"rendered":"https:\/\/abujacityjournal.com\/livenews\/?p=57128"},"modified":"2024-11-27T16:39:05","modified_gmt":"2024-11-27T16:39:05","slug":"reps-approve-finance-ministry-amendment-bill-for-second-reading","status":"publish","type":"post","link":"https:\/\/abujacityjournal.com\/livenews\/2024\/11\/27\/reps-approve-finance-ministry-amendment-bill-for-second-reading\/","title":{"rendered":"Reps Approve Finance Ministry Amendment Bill for Second Reading"},"content":{"rendered":"<p><strong>By Cynthia Abah<\/strong><\/p>\n<p>&nbsp;<\/p>\n<p>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.<\/p>\n<p>&nbsp;<\/p>\n<p>Leading the debate, Rep. Ademorin Kuye highlighted that MoFI, established in 1959, was intended to serve as the sole custodian of federal government assets.<\/p>\n<p>&nbsp;<\/p>\n<p>However, he noted that the corporation has struggled with asset mismanagement, misappropriation, and the neglect of federal properties, failing to fulfill its mandate.<\/p>\n<p>&nbsp;<\/p>\n<p>Kuye pointed out that the original MoFI Act, which consisted of only six sections, lacked the necessary framework to manage Nigeria\u2019s growing and complex asset portfolio.<\/p>\n<p>&nbsp;<\/p>\n<p>The new bill proposes a comprehensive 49-section framework to guide the management and custodianship of federal assets.<\/p>\n<p>&nbsp;<\/p>\n<p>The proposed legislation aims to revitalize MoFI by establishing a solid institutional framework for corporate governance, organizational structure, and legal authority.<\/p>\n<p>&nbsp;<\/p>\n<p>Kuye emphasized that the new law would enhance accountability and ensure the proper use and management of federal assets.<\/p>\n<p>&nbsp;<\/p>\n<p>The bill also seeks to empower MoFI to drive economic growth by optimizing the use of federal assets, preventing abandonment, and safeguarding against misappropriation.<\/p>\n<p>&nbsp;<\/p>\n<p>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.<\/p>\n<p>&nbsp;<\/p>\n<p>If passed, the bill is expected to strengthen MoFI\u2019s role as a key player in managing Nigeria\u2019s national resources and securing the future of the country\u2019s public assets.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>By Cynthia Abah &nbsp; 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. &nbsp; Leading the debate, Rep. Ademorin Kuye highlighted that MoFI, established in 1959, was intended to serve as [&hellip;]<\/p>\n","protected":false},"author":13,"featured_media":57129,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[177,172],"tags":[],"class_list":["post-57128","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-abuja-reports","category-news"],"aioseo_notices":[],"amp_enabled":true,"_links":{"self":[{"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/posts\/57128","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/users\/13"}],"replies":[{"embeddable":true,"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/comments?post=57128"}],"version-history":[{"count":1,"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/posts\/57128\/revisions"}],"predecessor-version":[{"id":57130,"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/posts\/57128\/revisions\/57130"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/media\/57129"}],"wp:attachment":[{"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/media?parent=57128"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/categories?post=57128"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/tags?post=57128"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}