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Finance ministry amendment bill scales second reading
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The House of Representatives on Tuesday approved for second reading a bill to repeal the Ministry of Finance Incorporated Act, 1959, and any amendments thereto, and to enact the Ministry of Finance Incorporated (Establishment) Act, 2023, along with related matters.
The bill, sponsored by Ademorin Kuye, the member representing Shomolu Federal Constituency, Lagos State, aims to ensure effective ownership, accountability, and management of federal government assets.
MOFI, established in 1959 by an Act of Parliament, serves as the sole custodian of Federal Government assets across the country.
Kuye noted that since its establishment, the agency has failed to meet public expectations, citing widespread “pillage, brigandage, abandonment, diversion, misappropriation, and abuse of federal assets throughout the country.”
The Lagos lawmaker argued for new legislation, stating that the 1959 Act, with only six sections, lacks the capacity to enable the corporation to fulfil its modern mandate.
“The new Act introduces a comprehensive framework of 49 sections to govern the conduct, management, and use of Federal Government assets,” Kuye said.
Presenting the general principles of the bill, Kuye explained that once passed into law, the proposed legislation would revitalise MOFI by establishing a robust institutional framework to enhance its corporate governance and organisational structure.
“This bill will provide a strong legal foundation for the emergence of a truly national corporation capable of managing, accounting for, and optimising over N300 trillion worth of Federal Government assets. It will grant MOFI certain powers and ensure that the board is properly incentivised,” he added.
The bill’s objectives, outlined in Section 3, include empowering MOFI to identify and enumerate all Federal Government assets and investments, ensure their productivity and sustainability, develop and implement a national asset management strategy, act as the investment vehicle for government assets, and advise the Federal Government on asset and investment matters.
Additionally, the bill proposes the creation of a national asset register for MOFI, which will provide an accurate record of government assets and liabilities, their value, depreciation, location, and components.
Kuye stressed that the bill would ensure efficient control, management, utilisation, and disposal of government assets, as directed by the council.
In its miscellaneous provisions, the bill grants the Minister of Finance powers to issue guidelines and policies for implementing MOFI’s investment objectives. It also specifies actions for legal proceedings, Federal High Court jurisdiction, and MOFI’s authority to set regulations for managing government assets.
The lawmaker highlighted the benefits of the bill, including increased revenue generation, reduced financial leakages, and enhanced value of the national asset portfolio.
“Currently, MOFI has only N18 trillion registered as the value of assets in its portfolio. With the proposed national asset register, a comprehensive census of Federal Government assets, including holdings in multilateral agencies, could raise this figure to an estimated N350 trillion, significantly bolstering the economy,” Kuye said.
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2027: Wike rallies support for Tinubu In Akpor kingdom, Insists He’II resign as Minister should president lose FCT, Rivers(Photos)
The Minister of the Federal Capital Territory (FCT), Nyesom Wike, on Friday declared that his political alignment with President Bola Tinubu remains unshakable, rallying the political structure of Rivers State to consolidate support for the President.
”My interest in Rivers State is for God to use me as a vessel to help our people. I am back here not for what I will get, but for what I will be to raise my people”, Wike declared during a strategic consultative meeting with stakeholders of the Akpor Kingdom in Obio-Akpor Local Government, Rivers State, Wike emphasized that politics is driven by the collective interest of the people rather than perpetual animosity.
He also reiterated his decision to resign his position as Minister should President Tinubu lose in Rivers State and the FCT.
The former governor of Rivers State maintained that expanding the political base is essential for delivering democratic dividends.
He said; “there is no permanent enemy in politics what we have is permanent collective interest.
“It is all about the interest of our people. The more you are in number, the happier you become. Leadership is like a waste dustbin. If you cannot absorb things, both the good and the bad, then you cannot be a true leader.”
Reflecting on the political trajectory that led to his appointment as FCT Minister, Wike noted that working with President Tinubu was an extraordinary milestone that defied political convention.
He stressed that his return to grassroots mobilization in Rivers State is aimed at leveraging his position as a vessel to uplift the state and its people.
”You know how difficult, you know how impossible it looked, but he made it possible for us to produce the Minister of the Federal Capital Territory,” Wike told the gathering.
He charged political actors in the state not to be distracted by social media criticism regarding his open-door policy toward former detractors, asserting that true political strength lies in numerical superiority.
In a fiery charge to local leaders, Wike demanded an all-inclusive campaign structure spanning every stratum of society in Obio-Akpor Local Government Area.
He called on traditional rulers, clergy, and community leaders to unite behind a single political direction.
”Obio-Akpor as a whole, whether you are a politician, whether you are a traditional ruler, whether you are a pastor, or whether you are a native doctor, I need everybody now,” he declared.
Wike said further; “Because all of them will vote. For the purpose of voting and elections, we must bring everyone together. ”
Drawing from his political history as the first elected chairman in the history of Obio-Akpor Local Government to win a second term following its creation in 1989, Wike reminded incumbent council leaders that performance and human connection remain the ultimate yardsticks for re-election.
He stated; “I was not elected two times because I was just Chairman.
“I was elected because people felt the impact of governance and because I related with the people. Anywhere, whether for burial or thanksgiving, I was always identifying with them”.
Outlining the electoral roadmap, the FCT Minister highlighted Wards 15, 16, and 17 in Obio-Akpor Local Government as strategic strongholds capable of deciding electoral outcomes across the local council.
”We have over 200 units across three very important wards Ward 15, Ward 16, and Ward 17. These three wards can defeat ten wards in Obio-Akpor. They are three wards with a difference, and you must utilize them to make that difference,” he instructed.
Wike directed local leaders to immediately deploy unit coordinators and door-to-door canvassers across all polling units, urging them to mobilize their immediate families, in-laws, and neighbors to ensure a decisive victory.
Reiterating his loyalty to his constituency, Wike affirmed that he would remain the state’s “Chief Critic” and guide to ensure elected council officers stay accountable to the electorate.
Wike was accompanied by the Rivers State APC governorship candidate, Kingsley Chinda and other political leaders.
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Echoes of Wike ‘na our own ‘ song takes over at ongoing Akpor town hall meeting in Obio/Akpor LGA today (Video)
Echoes of Wike ‘na our own ‘song rent the air at ongoing Akpor town hall meeting at Obio/Akpor LGA in Rivers State today.
Watch clip below:
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Watch moment, traditional rulers present kola to FCT minister Wike at ongoing town hall meeting in Akpor kingdom, Obio/Akpor LGA
A video clip showing traditional rulers presenting kola to FCT minister Nyesom Wike at Akpor in Obio/Akpor LGA in Rivers State has emerged.
Watch:
2027: Wike rallies support for Tinubu In Akpor kingdom, Insists He’II resign as Minister should president lose FCT, Rivers(Photos)
Echoes of Wike ‘na our own ‘ song takes over at ongoing Akpor town hall meeting in Obio/Akpor LGA today (Video)
Watch moment, traditional rulers present kola to FCT minister Wike at ongoing town hall meeting in Akpor kingdom, Obio/Akpor LGA
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