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House of Representatives Passes Bill to Reenact Ministry of Finance Act 2024

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The House of Representatives has passed a Bill for second reading aimed at replacing the outdated Ministry of Finance Incorporated Act 1959 with a new comprehensive framework for the management and accountability of federal government assets. The new Act seeks to reinvigorate the Ministry of Finance Incorporated (MoFI) to ensure effective use and management of federal assets.

The House of Representatives passed a Bill for second reading to repeal the Ministry of Finance Incorporated Act 1959 and reenact the Ministry of Finance Act 2024. Ademorin Kuye, leading the debate, highlighted that the Ministry of Finance Incorporated (MoFI) established in 1959 has not met its expected standards due to issues with federal asset management. The new Act aims to introduce a comprehensive framework of 49 sections to improve the management and accountability of federal assets.

This Bill seeks to reinvigorate MoFI by providing a necessary institutional framework for corporate governance and ensuring effective ownership and accountability. It also aims to empower the corporation to manage over N300 trillion worth of federal assets more efficiently and to provide economic stimulus for growth

 

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