President Buhari Approves Partial Exclusion Of MOFI From TSA

President Muhammadu Buhari approved the partial exclusion of the Ministry Of Finance Incorporated (MOFI), which is responsible for managing the federal government's finances including revenue collection and managing public debt, from the Treasury Single Account (TSA) policy.

TSA is a unified structure of government bank accounts linked to a single account for all payments and receipts, maintained by the Central Bank of Nigeria.

The Nigerian government introduced TSA in 2015 in order to get rid of corruption, enhance transparency in transactions and improve government revenue collection.

Buhari spoke at the first governing council of MOFI held in Abuja on Tuesday and said that the request of the board to charge management and transaction fees has been approved. The president also approved the Ministry of Power's inclusion in the governing council.

"MOFI's mission is to generate strong risk-adjusted returns, contribute to the well-being of Nigerians, and be a trusted steward of our nation's assets and investments," he said, as per Buhari's special adviser on media and publicity Femi Adesina.

"With a vast portfolio and strategic investments that span across multiple sectors, MOFI has the potential to shape industries, spur innovation, and support economic growth," the president explained, TheCable reported.

President Buhari added, "I am glad to note, from the board and management update, the crucial activities and positive engagements by MOFI in just three months after the inauguration."

He further praised 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 all the efforts they made since the inauguration.

Buhari advised the team to continue working closely with other government agencies, the private sector, Development Finance Institutions (DFIs), and other stakeholders to make sure that the goals and objectives are achieved successfully.

"Our role as the governing council is many-sided. We must ensure that MOFI's investments are aligned with Nigeria's economic objectives," the president said. "We must ensure that we put in place strong governance policies; we must uphold the highest standards of governance and transparency."

He concluded, "We must engage with MOFI to understand their aspirations, needs, and challenges, we must continue to adapt and innovate in a rapidly changing world."

President Buhari appointed new board members for MOFI in February.

At that time Buhari asked the new board's chairperson Usman, who previously served as former Minister of Finance, Budget and National Planning of Nigeria from 2011 to 2013, to raise MOFI's portfolio value from N18 trillion to N100 trillion by 2033.

President Buhari served Nigeria since 2015 and is set to step down from his position later this month. Former governor of Lagos State Bola Ahmed Tinubu will take over the role of president following the Nigerian presidential inauguration to be held on May 29.