Buhari accepts the removal of the Ministry of Finance Incorporated from the TSA

The partial exclusion of the Ministry of Finance Incorporated (MOFI) from the Treasury Single Account (TSA) was approved by President Muhammadu Buhari on Tuesday in Abuja.

The request of the board of MOFI to collect management and transaction fees and include the Minister of Power in its governing council was also approved by Buhari, according to a statement from Femi Adesina, Special Assistant to the President on Media and Publicity.

The President, who announced the approval at the first Governing Council meeting of MOFI, recalled that the new MOFI was founded on February 1, 2023, to transform it from a registry of investment records to a top-tier asset and investment management organization.

The President emphasized that MOFI, as a government-owned investment firm, must be assisted in carrying out its mandate to generate high returns on investments while also advancing the general economic development of the nation.

Three months after the inauguration, he praised the work of the MOFI executive team as well as the Minister of Finance, Budget, and National Planning, Zainab Ahmed, the Chairman of the MOFI Board, Shamsuddeen Usman, and the whole MOFI staff.

The goals of MOFI are to produce significant returns with regard to risk, enhance the welfare of Nigerians, and act as a dependable steward of our country’s assets and investments.

“With a sizable portfolio and strategic investments across numerous industries, MOFI has the capacity to reshape markets, promote innovation, and aid in economic expansion.

“I am pleased to note the crucial activities and positive engagements by MOFI in just three months after inauguration,” he remarked in reference to the Board and management update.