Senate advances bill to give MOFI full powers to manage national investments
The senate has passed for second reading a bill seeking to repeal the Ministry of Finance Incorporated (MOFI) Act of 1959 and re-enact the Ministry of Finance Incorporated Act 2025.
The bill was taken after the presentation of its general principles at plenary on Wednesday.
The proposed legislation, sponsored by Sani Musa, senator representing Niger east, aims to create a modern, transparent, and professionally driven framework for MOFI.
Musa, in his lead debate, said the bill sought to replace the existing 65-year-old law with a more robust framework aligned with Nigeria’s economic realities and global best practices.
