President Muhammadu Buhari has approved the process of restructuring the Ministry of Finance Incorporated (MOFI), the federal government’s investment vehicle, as part of overall measures to revive over N30 trillion non-performing assets and boost government revenue.
Some of the assets are Galaxy Backbone, Bank of Industry (BoI), Development Bank of Nigeria (DBN) and Bank of Agriculture, among others. To achieve this, the federal government is to fully set up MOFI as a world class investment company with a new management and board to move from the civil service structure where it sits, as a unit under the Office of the Accountant General of the Federation, with core professionals with specialisation in portfolio management.
The Minister of Finance, Budget and National Planning, Mrs. Zainab Ahmed who made the disclosure at the public presentation of the 2023 budget proposals in Abuja, stated that the government has over N30 trillion in terms of assets size.
According to her, the process of re-engineering the assets to strip them of bureaucratic tendencies and run effectively as going concerns had commenced. She said, “We started the process of re-engineering the MOFI, saddled with the responsibility of managing government assets.
