Nigeria's House of Representatives has passed for second reading a Bill aimed at repealing the Ministry of Finance Incorporated Act of 1959 and enacting the new Ministry of Finance Act 2024.
This legislative effort, led by Ademorin Kuye, seeks to address inefficiencies and mismanagement issues that have plagued the Ministry of Finance Incorporated (MoFI) since its inception.
Kuye highlighted that the original Act from 1959, which comprised only six sections, lacked the necessary framework for MoFI to function effectively in modern Nigeria.
The proposed new Act introduces a comprehensive framework with 49 sections, designed to enhance MoFI's corporate governance and organizational structure.
According to Kuye, the Bill aims to ensure "effective ownership and accountability in the use, custodianship, and management of federal government assets." It also seeks to institutionalize and empower MoFI to act as an economic stimulus by efficiently managing federal assets, valued at over N300 trillion, thus preventing abandonment, redundancy, and misappropriation.
Kuye emphasized that the Bill would provide a strong legal foundation for MoFI, granting it certain powers and ensuring that its board is properly incentivized. This move is part of a broader initiative to modernize financial oversight and improve the administrative competence of MoFI, ultimately enhancing the management of Nigeria's substantial public assets.
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