The House of Representatives on Tuesday passed for second reading a bill seeking to repeal the Ministry of Finance Incorporated Act 1959 and reenact it as the Ministry of Finance Act 2024.
During the plenary session, Ademorin Kuye, who led the debate, highlighted that the Ministry of Finance Incorporated (MoFI), established in 1959 to oversee Federal Government assets, has failed to fulfill its mandate due to widespread asset mismanagement.
Kuye explained that the outdated 1959 Act, consisting of only six sections, lacks provisions for effective modern governance. The proposed 2024 Act introduces a more robust framework with 49 sections to ensure efficient management, custodianship, and accountability for federal assets.
“The new bill aims to strengthen MoFI’s corporate governance, establish a functional organizational structure, and empower it to act as a critical driver of economic growth by optimizing the use of federal government assets,” Kuye stated.
The lawmaker noted that the bill seeks to provide MoFI with necessary powers to oversee and maximize the use of assets valued at over ₦300 trillion. It also aims to address issues like asset abandonment, redundancy, and misappropriation while creating a strong legal framework for the corporation’s operations.
If enacted, the legislation would position MoFI as a pivotal institution in Nigeria’s economic development, ensuring that government assets contribute effectively to national growth.
