The House of Representatives has moved to overhaul the Ministry of Finance Incorporated (MOFI) Act as part of efforts to modernise Nigeria’s financial legal framework and enhance the country’s investment and asset management practices. At a public hearing held in Abuja on Tuesday, members of the House Committees on Finance and Public Assets called for the repeal of the MOFI Act, Cap M229, Laws of the Federation of Nigeria, and the enactment of a new Ministry of Finance Incorporated (Establishment, Etc.) Act.
The new proposal, lawmakers argued, is aimed at aligning MOFI’s operations with international best practices and strengthening its capacity to manage federal investments transparently and efficiently.
Originally established in 1959 and last revised in 2004, MOFI was envisioned as a key vehicle through which the Federal Government could participate in commercial ventures and manage its investment portfolio. However, Speaker of the House, Hon. Tajudeen Abbas, raised concerns that MOFI has consistently failed to meet its statutory obligations, particularly in the areas of transparency, accountability, and asset management.
In his remarks, Abbas described the hearing as a “crucial legislative milestone” that would reshape Nigeria’s fiscal management landscape. “This public hearing is not just a formality. It provides a robust platform for professionals, policymakers, and the Nigerian public to contribute meaningfully to the development of a forward-thinking legal framework,” the Speaker stated.
He emphasized the need for MOFI to evolve with the times and play a more active and responsible role in managing public assets. “We need institutions that reflect the changing realities of our economy—those that can be trusted with safeguarding public wealth,” Abbas added.
Also speaking at the hearing, Chairman of the House Committee on Finance, Hon. James Faleke, highlighted lapses in the existing MOFI framework, particularly the unauthorised transfer of public assets to individuals through executive directives. He condemned such practices as detrimental to Nigeria’s fiscal integrity and argued that they expose deep institutional weaknesses within MOFI.
Faleke stressed that the new legislation would provide a clear statutory foundation for MOFI’s operations while ensuring strict adherence to legal processes. “The existing Act is outdated and unable to address the economic complexities of today. This reform will not only strengthen the agency’s legal standing but also position it to better support national economic development,” he said.
He added that insights gathered during the hearing from stakeholders, experts, and citizens would be instrumental in shaping an effective and inclusive financial governance regime.
The proposed bill aims to revamp MOFI’s structure, give it a clear mandate, and improve oversight of government investments across sectors. Under the new law, MOFI will be better equipped to manage financial assets, recover loans, and safeguard government-owned properties and equity holdings in various enterprises.
Experts who attended the hearing welcomed the move, noting that better oversight of national assets could significantly boost government revenue and reduce borrowing. They also called for the integration of digital asset management systems, regular audits, and independent supervision of MOFI’s activities.
The call for reform is coming at a time when Nigeria faces growing fiscal pressures and mounting debt, necessitating more efficient management of public resources.
With broad support from lawmakers and stakeholders, the proposed overhaul of the MOFI Act signals a turning point in Nigeria’s approach to fiscal responsibility and public investment management. If passed, the new law could pave the way for a more transparent, efficient, and accountable system, capable of supporting sustainable economic growth.