February 1, 2023

President Muhammadu Buhari has officially launched the Ministry of finance incorporated (MOFI), which was originally set in 1959 through an act of parliament, as a custodian of Federal government’s investments in various Government linked companies and Government owned Enterprises.

Inaugurating the Governing Council, Board of Directors and an Executive Management Team of the Ministry of Finance Incorporated at the council chambers, President Buhari tasked the new Governing Council and the Board to raise the value of the MoFI’s portfolio from the current 18 trillion naira to 100 trillion naira by 2033.

Channels Television reports that, addressing the council, the President stated that the new leadership take steps to mobilise capital and invest same in assets that are critical to the Federal Government’s revenue drive, to primarily convert the nations current assets into cash flow generating entities.

According to the President who is Chairman of the Governing Council alongside the Minister of Finance, Budget and National Planning, Zainab Ahmed as Vice Chair, the inauguration of the council has become necessary to optimize returns on existing investments.

The President presided over the launch before the commencement of the council meeting.