The Senate on Tuesday advanced efforts to revamp the country’s public asset management system by introducing a bill to repeal and re-enact the Ministry of Finance Incorporated (MOFI) Act.
The bill, championed by Senator Sani Musa (APC, Niger East), was read for the first time during the plenary.
Originally enacted in 1959, the current MOFI Act is considered outdated and ill-suited to modern asset management demands. The 2025 bill seeks to replace it with a more robust and forward-looking framework.
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The proposed legislation aims to transform MOFI into a commercially-driven and strategically positioned institution tasked with efficiently managing and growing the federal government’s investment portfolio.
Among the key reforms outlined in the bill are the establishment of stronger governance mechanisms, enhanced transparency standards, and alignment with international benchmarks for managing sovereign assets.
If passed, the reform is expected to improve the performance of state-owned enterprises, increase returns on public investments, and contribute to broader national development goals.
The initiative also reflects the Senate’s growing emphasis on fiscal prudence, institutional reform, and sustainable economic growth.
