The House of Representatives has passed a Bill for a second reading that aims to replace the outdated Ministry of Finance Incorporated (MoFI) Act of 1959 with a more modern and effective framework—the Ministry of Finance Act of 2024.

During the debate, Rep. Ademorin Kuye, who led discussions on the Bill’s general principles, outlined the need for reform. MoFI was originally established in 1959 to manage and safeguard federal government assets. However, the organization has struggled to fulfill its mandate due to poor asset management practices, misuse, and inefficiencies.

Kuye pointed out that the 1959 Act, which is limited to just six sections, fails to provide the structure needed for MoFI to effectively operate in today’s environment. The proposed Bill introduces a far-reaching framework, expanding to 49 sections that will address the management and custodianship of federal assets with modernized regulations.

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The new Bill is designed to breathe new life into MoFI, establishing stronger governance practices and an updated organizational structure. With an emphasis on accountability and transparent asset management, the Bill aims to optimize the management of Nigeria’s substantial federal assets, worth over N300 trillion. If passed, the legislation will empower MoFI to contribute more significantly to Nigeria’s economic growth by ensuring better management of these assets and preventing their misappropriation.

By granting MoFI expanded powers and establishing a more robust governance framework, the proposed Bill sets the stage for a more efficient and transparent management of Nigeria’s national resources.