Buhari approves exclusion of finance ministry’s investment firm from TSA

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

The president, according to a statement issued by his Special Adviser on Media and Publicity, Femi Adesina, gave the approval at the 1st Governing Council meeting of MOFI held on Tuesday in Abuja.

He also granted a request by the Board of MOFI for the inclusion of the Minister of Power in the Governing Council.

He recalled that the MOFI was launched on February 1 to transform it into a world-class asset and investment management company.

The president advocated support for MOFI to achieve its goal of achieving strong returns on investments while contributing to the country’s broader economic development as a government-owned investment company.

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He commended the Minister of Finance, Budget and National Planning, Zainab Ahmed, the Chairman of the MOFI Board, Shamsuddeen Usman, and the entire executive team for doing a great job in the last three months.

Buhari said: “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.”

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