Buhari approves partial exclusion of Ministry of Finance Incorporated from TSA
Reader survey
As a reader of PREMIUM TIMES, your opinion matters. Please take our survey to help us better understand the values and preferences of our readers. Your feedback will give us valuable insights into how we can tailor the different types of content we offer to meet your needs. The survey should only take about 6-8 minutes to complete.
Click here to take it.
President Muhammadu Buhari on Tuesday in Abuja approved the partial exclusion of the Ministry of Finance Incorporated (MOFI) from the Treasury Single Account (TSA).
The president also granted the request of the Board of MOFI to charge management and transaction fees; and the inclusion of the Minister of Power in the Governing Council.
The president, who conveyed the approval at the 1st Governing Council meeting of MOFI, recalled that the new MOFI was launched on 1 February 2023 to transform it from a registry of investment records to a World-Class Asset and Investment Management Company.
As a government-owned investment company, the president stressed that MOFI must be supported to exercise its responsibility of achieving strong returns on investments, while also contributing to broader economic development of the country.
He commended the Minister of Finance, Budget and National Planning, Zainab Ahmed; the Chairman Board of MOFI, Shamsuddeen Usman, and the entire Executive Team of MOFI for the job well done, three months after inauguration.
‘‘MOFI’s mission is to generate strong risk-adjusted returns, contribute to the well-being of Nigerians, and be a trusted steward of our nation’s assets and investments.
‘‘With a vast portfolio and strategic investments that span across multiple sectors, MOFI has the potential to shape industries, spur innovation, and support economic growth.
‘‘I am glad to note, from the Board and Management update, the crucial activities and positive engagements by MOFI in just three months after inauguration,’’ he said.
President Buhari, therefore, charged the staff and management team of the investment company to continue to work closely with other government agencies, the private sector, Development Finance Institutions (DFIs), and other stakeholders to ensure that they achieve shared goals and objectives.
On the restructuring of MOFI, the president explained that it is a clear indication of the government’s commitment to harnessing and creating value from its assets and investments, adding that the federal government is now positioned to optimize its assets, make strategic investments, diversify the economy, generate more revenue, revive public enterprises, and increase transparency in the public sector.
The president reminded members of the council that they have been carefully chosen because of their expertise, experience, and dedication to serving the nation.
Expressing confidence in the abilities of each council member to bring unique perspectives, insights, and skills that would enrich collective decision-making, the president said:
‘‘Our role as the governing council is many-sided. We must ensure that MOFI’s investments are aligned with Nigeria’s economic objectives.
READ ALSO: Security: What Buhari has achieved in eight years – Presidency
‘‘We must ensure that we put in place strong governance policies; We must uphold the highest standards of governance and transparency.
‘‘We must engage with MOFI to understand their aspirations, needs, and challenges, we must continue to adapt and innovate in a rapidly changing world.’’
Support PREMIUM TIMES’ journalism of integrity and credibility
Good journalism costs a lot of money. Yet only good journalism can ensure the possibility of a good society, an accountable democracy, and a transparent government.
For continued free access to the best investigative journalism in the country we ask you to consider making a modest support to this noble endeavour.
By contributing to PREMIUM TIMES, you are helping to sustain a journalism of relevance and ensuring it remains free and available to all.
Donate
TEXT AD: Call Willie – +2348098788999
Reader survey
As a reader of PREMIUM TIMES, your opinion matters. Please take our survey to help us better understand the values and preferences of our readers. Your feedback will give us valuable insights into how we can tailor the different types of content we offer to meet your needs. The survey should only take about 6-8 minutes to complete.
Click here to take it.
President Muhammadu Buhari on Tuesday in Abuja approved the partial exclusion of the Ministry of Finance Incorporated (MOFI) from the Treasury Single Account (TSA).
The president also granted the request of the Board of MOFI to charge management and transaction fees; and the inclusion of the Minister of Power in the Governing Council.
The president, who conveyed the approval at the 1st Governing Council meeting of MOFI, recalled that the new MOFI was launched on 1 February 2023 to transform it from a registry of investment records to a World-Class Asset and Investment Management Company.
As a government-owned investment company, the president stressed that MOFI must be supported to exercise its responsibility of achieving strong returns on investments, while also contributing to broader economic development of the country.
He commended the Minister of Finance, Budget and National Planning, Zainab Ahmed; the Chairman Board of MOFI, Shamsuddeen Usman, and the entire Executive Team of MOFI for the job well done, three months after inauguration.
‘‘MOFI’s mission is to generate strong risk-adjusted returns, contribute to the well-being of Nigerians, and be a trusted steward of our nation’s assets and investments.
‘‘With a vast portfolio and strategic investments that span across multiple sectors, MOFI has the potential to shape industries, spur innovation, and support economic growth.
‘‘I am glad to note, from the Board and Management update, the crucial activities and positive engagements by MOFI in just three months after inauguration,’’ he said.
President Buhari, therefore, charged the staff and management team of the investment company to continue to work closely with other government agencies, the private sector, Development Finance Institutions (DFIs), and other stakeholders to ensure that they achieve shared goals and objectives.
On the restructuring of MOFI, the president explained that it is a clear indication of the government’s commitment to harnessing and creating value from its assets and investments, adding that the federal government is now positioned to optimize its assets, make strategic investments, diversify the economy, generate more revenue, revive public enterprises, and increase transparency in the public sector.
The president reminded members of the council that they have been carefully chosen because of their expertise, experience, and dedication to serving the nation.
Expressing confidence in the abilities of each council member to bring unique perspectives, insights, and skills that would enrich collective decision-making, the president said:
‘‘Our role as the governing council is many-sided. We must ensure that MOFI’s investments are aligned with Nigeria’s economic objectives.
READ ALSO: Security: What Buhari has achieved in eight years – Presidency
‘‘We must ensure that we put in place strong governance policies; We must uphold the highest standards of governance and transparency.
‘‘We must engage with MOFI to understand their aspirations, needs, and challenges, we must continue to adapt and innovate in a rapidly changing world.’’
Support PREMIUM TIMES’ journalism of integrity and credibility
Good journalism costs a lot of money. Yet only good journalism can ensure the possibility of a good society, an accountable democracy, and a transparent government.
For continued free access to the best investigative journalism in the country we ask you to consider making a modest support to this noble endeavour.
By contributing to PREMIUM TIMES, you are helping to sustain a journalism of relevance and ensuring it remains free and available to all.
Donate
TEXT AD: Call Willie – +2348098788999
Denial of responsibility! Techno Blender is an automatic aggregator of the all world’s media. In each content, the hyperlink to the primary source is specified. All trademarks belong to their rightful owners, all materials to their authors. If you are the owner of the content and do not want us to publish your materials, please contact us by email – [email protected]. The content will be deleted within 24 hours.