Buhari partly excludes finance ministry’s firm from TSA

President Muhammadu Buhari has approved the partial exclusion of the Ministry of Finance Incorporated (MOFI) from the Treasury Single Account (TSA).

The president conveyed the approval on Tuesday at the first governing council meeting of MOFI at the State House, Abuja.

He also granted the request of the board of MOFI to charge management and transaction fees; and the inclusion of the minister of power in the governing council.

President Buhari, in a statement by his spokesman, Femi Adesina, recalled that the new MOFI was launched on February 1, 2023 to transform it from a registry of investment records to a world-class asset and investment management company.

He commended the Minister of Finance, Budget and National Planning, Zainab Ahmed, the Chairman, Board of MOFI, Shamsuddeen Usman, and the entire executive team of MOFI for the job well done, three months after inauguration.

“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,” he said.

On the restructuring of MOFI, the president explained that it was a clear indication of the government’s commitment to harnessing and creating value from its assets and investments.

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

“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,” Buhari said.