Senate Advances Bill to Repeal and Re-Enact MOFI Act

By Ugbede James Ankpa

The Senate has taken a major step toward reforming the nation’s financial investment framework, as a bill seeking to repeal the Ministry of Finance Incorporated Act and re-enact a new MOFI Act 2025 passed second reading.

The proposed legislation was debated during plenary in Abuja.

Leading the debate, the bill’s sponsor, Senator Sani Musa explained that the initiative aims to establish a modern, transparent, and professionally driven structure for the Ministry of Finance Incorporated.

He said the existing law, enacted in 1959, is outdated and no longer aligns with current national economic needs.

Senator Musa noted that MOFI was established 65 years ago as the Federal Government’s investment holding company. However, he stressed that the institution must now be repositioned to effectively manage and maximize government assets in line with global best practices.

Supporting the call for reform, Senator Musa pointed out that under the current legislation, MOFI functions largely as a passive custodian of government investments. He argued that it lacks the authority, governance framework, and institutional strength required to operate efficiently.

The Senate will continue further legislative work on the bill as lawmakers push for a more robust and modern legal framework capable of strengthening government investment management and improving public asset productivity.