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The House of Representatives Committees on Finance and Public Assets have advocated for a comprehensive overhaul of the Ministry of Finance Incorporated (MOFI) Act to align with international best practices in financial management and regulatory compliance.
This call was made during a public hearing held on Tuesday to deliberate on the “Bill for an Act to Repeal the Ministry of Finance Incorporated Act, Cap M229, Laws of the Federation of Nigeria, and Enact the Ministry of Finance Incorporated (Establishment, Etc.) Act.”
In his address, Speaker of the House, Rt. Hon. Tajudeen Abbas, described the hearing as a critical legislative step toward modernising Nigeria’s financial legal framework. He underscored the urgent need to update MOFI’s enabling legislation to reflect contemporary realities in economic governance and ensure greater accountability in managing public investments.
“MOFI, established in 1959 and last reviewed in 2004, was created to facilitate government participation in commercial ventures. However, it has consistently failed to meet its statutory and ethical responsibilities,” Abbas noted. He stressed that a revised legal framework would improve transparency, bolster institutional integrity, and restore public confidence in the agency’s operations.
He further highlighted the importance of inclusive stakeholder participation in shaping legislation that supports economic resilience and national development. “This public hearing provides an opportunity for experts, stakeholders, and citizens to contribute to reforms that will strengthen Nigeria’s fiscal architecture,” he said.
Chairman of the Finance Committee, Hon. James Faleke, echoed similar sentiments, noting that the current MOFI Act empowers the agency to manage the Federal Government’s investments, assets, and financial interests. However, he expressed concern over instances where public assets were transferred to private individuals through executive directives, bypassing legal procedures.
“These actions undermine MOFI’s mandate and expose systemic weaknesses in asset governance,” Faleke stated. “The proposed amendments are designed to reposition the agency in line with current economic challenges and global standards of asset management.”
He added that the legislative review aims to provide MOFI with the statutory tools necessary to enhance its operational efficiency, increase revenue mobilisation, and support the government’s long-term fiscal sustainability agenda.
The hearing brought together representatives from MOFI, financial experts, and civil society organisations, offering a platform for diverse perspectives to inform the reform process.
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