Buhari approves exclusion of Ministry of Finance Incorporated from TSA

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

In a statement by Femi Adesina, Special Assistant to the President on Media and Publicity, Buhari also granted the request of the board of MOFI to charge management and transaction fees and include the Minister of Power in its governing council.

The President, who conveyed the approval at the first Governing Council meeting of MOFI, 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.

As a government-owned investment company, the President stressed that 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 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 the inauguration.

“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.

“With a vast portfolio and strategic investments spanning 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,” he said.