The Nigerian Senate has begun the process of repealing and re-enacting the Ministry of Finance Incorporated (MOFI) Act, more than six decades after it was first enacted in 1959. The proposed legislation, titled ‘Ministry of Finance Incorporated Act (Repeal and Re-enactment) Bill’, 2025 (SB. 843), passed second reading on Tuesday during plenary.
Sponsored by Senator Sani Musa, chairman of the Senate Committee on Finance, the bill aims to reform how Nigeria’s public assets are managed, by transforming MOFI into a commercially driven, performance-oriented institution that aligns with global best practices for sovereign asset management.
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Senator Musa stated that the reforms are vital for repositioning MOFI as a key vehicle for national economic transformation. The new framework is expected to improve transparency, modernise institutional governance, and bring MOFI’s operations in line with private-sector principles.
Key provisions include stronger oversight of government-owned enterprises and improved accountability. The bill also seeks to establish MOFI as the central agency for public investment and asset management, ensuring long-term value for Nigeria’s economy.
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