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

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

His media aide Femi Adesina disclosed this in a statement on Tuesday, saying the president conveyed the approval at the first governing council meeting of MOFI in Abuja.

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.

Mr Buhari maintained that as a government-owned investment company, MOFI must be supported to exercise its responsibility of achieving strong returns on investments while also contributing to the country’s broader economic development.

He commended finance minister Zainab Ahmed, the MOFI board chairman, Shamsuddeen Usman, and its executive team.

“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,” stated Mr Buhari. “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. 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.”

On the restructuring of MOFI, Mr Buhari explained that “it is a clear indication of the government’s commitment to harnessing and creating value from its assets and investments.”

According to him, the federal government is now positioned to optimise its assets, make strategic investments, diversify the economy, generate more revenue, revive public enterprises and increase transparency in the public sector.

(NAN)