President Muhammadu Buhari has officially launched the Ministry of Finance incorporated (MOFI), which was established by an act of parliament in 1959 as a custodian of the Federal government’s investments in various Government linked companies and Government owned Enterprises.
Inaugurating the Ministry of Finance Incorporated’s Governing Council, Board of Directors, and an Executive Management Team in the council chambers, President Buhari tasked the new Governing Council and the Board with increasing the value of the MoFI’s portfolio from the current 18 trillion naira to 100 trillion naira by 2033.
Addressing the council, the President stated that the new leadership take steps to mobilise capital and invest same in assets that are critical to the Federal Government’s revenue drive, to primarily convert the nations current assets into cash flow generating entities.
According to the President who is Chairman of the Governing Council alongside the Minister of Finance, Budget and National Planning, Zainab Ahmed as Vice Chair, the inauguration of the council has become necessary to optimize returns on existing investments.
The President presided over the launch before the commencement of the council meeting.
