Senate Moves to Overhaul Outdated MOFI Act

By Iyojo Ameh

The Senate Tuesday took a significant step toward reforming the management of Nigeria’s public assets by introducing the Ministry of Finance Incorporated (Repeal & Re-enactment) Bill, 2025 .

The bill sponsored by Senator Sani Musa ( APC Niger East) and given first reading in plenary on Tuesday , seeks to repeal and comprehensively update the existing MOFI Act, which was first enacted in 1959.

The proposed legislation aims to modernize the legal framework governing MOFI, repositioning it as a dynamic, commercially-oriented institution responsible for managing and optimizing government investments.

Key provisions in the bill address the need for strengthened governance structures, improved transparency, and alignment with international best practices in sovereign asset management.

This holistic reform is expected to enhance the performance and value of government-owned enterprises and investments, driving greater economic returns and supporting the country’s broader development objectives.

The Senate’s move underscores a renewed national focus on fiscal responsibility, institutional efficiency, and sustainable economic growth.