Abbanobi-Eku Onyekachi, Abuja
The Nigerian Senate has moved to reform the management of public assets with the introduction of the Ministry of Finance Incorporated (Repeal & Re-enactment) Bill, 2025. Sponsored by Senator Sani Musa (APC Niger East), the bill seeks to repeal and comprehensively update the existing MOFI Act, which has been in place since 1959.
The proposed legislation aims to modernize the legal framework governing MOFI, repositioning it as a dynamic, commercially-oriented institution responsible for managing and optimizing government investments.
Key provisions in the bill address the need for strengthened governance structures, improved transparency, and alignment with international best practices in sovereign asset management.
The holistic reform is expected to enhance the performance and value of government-owned enterprises and investments and the bill aimed to drive greater economic returns and support Nigeria’s broader development objectives.
The Senate’s move underscores a renewed national focus on fiscal responsibility, institutional efficiency, and sustainable economic growth. This development is a significant step towards improving the management of Nigeria’s public assets and promoting economic development.
