According to the House of Representatives, it was necessary to amend the Ministry of Finance Incorporated (MOFI) so that it could effectively fulfill its responsibilities.
This was stated by Rep. James Abiodun Faleke, the Chairman of the House Committee on Finance, in his speech during a public hearing on a Bill aimed at restructuring and strengthening MOFI’s operations. The hearing took place on Tuesday and was conducted jointly by the House of Representatives Committee on Finance and Committee on Public Assets.
The Bill was titled, “A Bill For An Act To Repeal The Ministry Of Finance Incorporated Act, CAP. M 229, Laws Of The Federation Of Nigeria, 2004 And Any Amendments Thereto And Enact The Ministry Of Finance Incorporated (Establishment ETC) And For Related Matters (HB. 986)”.
He stated that the MOFI Act, Cap. M229 LFN 2004 originated with the creation of MOFI as a corporate sole entity in 1959, aimed at managing federal government investments, estates, and easements; acquiring holdings and disposing of property; and ensuring loan repayments through contracts and document executions.
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