FG excludes finance ministry from TSA

The Federal Government has partially excluded the Ministry of Finance Incorporated (MOFI) from the Treasury Single Account (TSA), according to a statement by Femi Adesina, the Special Adviser to the President on Media and Publicity.

The statement said that President Muhammadu Buhari granted the request of the MOFI Board to charge management and transaction fees, and to include the Minister of Power in the Governing Council.

The announcement was made during the 1st Governing Council meeting of MOFI in Abuja on Tuesday.

The MOFI was launched on February 1, 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, President Buhari stressed the need to support MOFI to achieve strong returns on investments while also contributing to the 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 their job well done, three months after inauguration.

The President said: “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.”

He added that MOFI has the potential to shape industries, spur innovation, and support economic growth.

“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.

The President also reminded members of the council that they had been carefully chosen because of their expertise, experience, and dedication to serving the nation.

“Our role as the governing council is many-sided. We must ensure that MOFI’s investments are aligned with Nigeria’s economic objectives.

“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,” he said.