Buhari approves partial exclusion of MOFI from TSA policy

President Muhammadu Buhari has approved the partial exclusion of the ministry of finance incorporated (MOFI) from the treasury single account (TSA) policy.

MOFI is a corporation solely vested with the responsibility to manage all federal government investments, interests, estates, easements, and rights.

The TSA is the operation of a unified structure of government bank accounts in a single account or a group of linked accounts for all receipts and payments.

The federal government began the TSA implementation in September 2015.

Buhari, who spoke at the first governing council of MOFI in Abuja on Tuesday, also granted the request of the board to charge management and transaction fees.

He also approved the inclusion of the minister of power in the governing council.

Speaking on the approvals, the president said the new MOFI board was inaugurated to transform the organisation from a registry of investment records to a world-class asset and investment management company.

Buhari said as a government-owned investment company, MOFI must be supported to exercise its responsibility of achieving strong returns on investments, while also contributing to the economic development of the country.

“MOFI’s mission is to generate strong risk-adjusted returns, contribute to the well-being of Nigerians, and be a trusted steward of our nation’s assets and investments,” Buhari was quoted by Femi Adesina, his special adviser on media and publicity, in a statement.

“With a vast portfolio and strategic investments that span across multiple sectors, MOFI has the potential to shape industries, spur innovation, and support economic growth.

“I am glad to note, from the board and management update, the crucial activities and positive engagements by MOFI in just three months after inauguration.”

Buhari also commended Zainab Ahmed, minister of finance, budget, and national planning; Shamsuddeen Usman, chairman board of MOFI, and the entire executive team of the firm for the efforts made since inauguration.

He further asked the staff and management team of the investment company to continue to work closely with other government agencies, the private sector, development finance institutions (DFIs), and other stakeholders, to ensure that they achieve shared goals and objectives.

Speaking on the restructuring of MOFI, Buhari said it was a clear indication of the government’s commitment to harnessing and creating value from its assets, and investments; adding that the federal government is now positioned to optimise its assets, make strategic investments, diversify the economy, generate more revenue, revive public enterprises, and increase transparency in the public sector.

The president, therefore, expressed confidence in the abilities of each council member to bring unique perspectives for enriched collective decision-making, as he reminded them that they have been carefully chosen because of their expertise and dedication to serving the nation.

“Our role as the governing council is many-sided. We must ensure that MOFI’s investments are aligned with Nigeria’s economic objectives,” Buhari said.

“We must ensure that we put in place strong governance policies; we must uphold the highest standards of governance and transparency.

“We must engage with MOFI to understand their aspirations, needs, and challenges, we must continue to adapt and innovate in a rapidly changing world.”