Connect with us

News

Finance ministry amendment bill scales second reading

Published

on

ADVERTISEMENT
Zoom Ad
ADVERTISEMENT
Zoom Ad

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.”

Advertisement

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.

Advertisement

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.

Advertisement

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.

News

Youths Flood Ondo City to Honour Akinlaja’s Birthday, Hail Him as Visionary Leader and True Democrat

Published

on

ADVERTISEMENT
Zoom Ad
ADVERTISEMENT
Zoom Ad

By Kayode Sanni-Arewa

Ondo City came alive on Monday, June 1, 2026, as a sea of jubilant youths converged on Adoc Events Centre and the residence of Hon. Joseph Iranola Akinlaja, former representative of Ondo East and West Federal Constituency, to celebrate his birthday.

Under the banner of the End Miscreants Movement, the gathering was more than a festivity—it was a tribute to Akinlaja’s enduring legacy and his contributions to the socio-economic growth of Ondo.

The youths described the septuagenarian and former General Secretary of NUPENG as a peace-loving icon, a consummate democrat, and a leader committed to youth empowerment, human capital development, and sustainable innovation.

Advertisement

They emphasized that the “End Miscreants Movement” reflects Akinlaja’s role as a stabilizing force whose interventions have curbed cultism, violent clashes, land grabbing, and other social vices in the community.

The event drew prominent figures, including former Governor Dr. Olusegun Mimiko, who praised Akinlaja as a symbol of peace, unity, and progress. Mimiko lauded his maturity and sacrifice in advancing excellence.

Other dignitaries present were Speaker of the Ondo State House of Assembly Rt. Hon. Olamide Adesanmi Oladiji, Hon. Biola Makinde, Hon. Moyinoluwa Ogunwunmiju, and Hon. Abiola Oladapo, Akin Akinbobola, Eni Akinshola, editor in chief and publisher of Veracity Desk (veracitydesk.com), Emmanuel Ajibulu etc, all of whom extolled Akinlaja’s virtues.

The Chairman of Lagos Zone of Petroleum Tanker Drivers (PTD) Branch of NUPENG, Comrade Gbolahan Saheed Adigun who was unavoidably absent was represented by Israel Okougbo, Comrade Samuel Owolabi, Adekunle Akinlaja and Comrade Timothy Iseoluwa.

Advertisement

The atmosphere was electrified by live music from five different professional musicians, with youths chanting solidarity slogans and dancing in contagious but peaceful jubilation.

In his remarks, Akinlaja thanked the youths for their support, urging them to prepare for a prosperous future. He highlighted the achievements of Dr. Mimiko (fondly called Iroko), noting his enduring legacies in governance and innovation.

“Our youths must remain steadfast as ambassadors of excellence, shaping a brighter future for Nigeria,” Akinlaja declared, challenging them to actively participate in the electoral process to ensure credible and peaceful elections.

Speaking on behalf of the youths, Aseyege Ayoola, popularly known as Spender, hailed Akinlaja as a unifying figure whose temperament and experience are vital for Nigeria’s progress.

Advertisement

He commended fellow youths for making the event successful and acknowledged contributors such as Kayode Folajogun, Adijath Wonuola, Akin Fadayomi, Lawrence Adefolaju, Lukas Famakinwa, and Akinpelumi.

Continue Reading

News

Fire security chiefs if insecurity persists in next 90 days– Adeboye urges FG

Published

on

ADVERTISEMENT
Zoom Ad
ADVERTISEMENT
Zoom Ad

The General Overseer of the Redeemed Christian Church of God, Pastor Enoch Adeboye, has advised the federal government to give Nigeria’s security chiefs a 90-day deadline to eliminate terrorists across the country or resign from office.

Adeboye made the call in a video shared on X on Tuesday where he expressed concern over the country’s security situation and urged authorities to act swiftly against those responsible for the violence.

Addressing the government, the cleric said security chiefs should be held accountable for delivering results in the fight against terrorism.

“If I were asked to make suggestions, I would say quietly to our government, ‘Move fast and tell our security chiefs, get rid of these terrorists within 90 days or resign,” he said.

Advertisement

The cleric also called on the government to go beyond targeting terrorists and focus on those financing and supporting their activities.

“When giving orders to the service chiefs this time around, we should make it clear to them that they are not only to eliminate the terrorists; they should eliminate their sponsors, no matter how influential they may be,” he added.

Adeboye recalled advising a former Nigerian president to issue a similar ultimatum to security chiefs in the past, noting that although the directive was given, it was not fully enforced when the deadline elapsed.

According to him, the experience underscored the need for stronger political will and strict enforcement of directives aimed at ending insecurity.

Advertisement

The cleric’s remarks come amid renewed concerns over terrorist attacks, banditry and kidnappings in several parts of the country, with calls mounting for more decisive measures to tackle the security challenges.

Continue Reading

News

Reps Demand Swift Action Over Abduction of 42 Pupils in Borno

Published

on

ADVERTISEMENT
Zoom Ad
ADVERTISEMENT
Zoom Ad

…seek tougher protection measures for schools in high-risk communities

By Gloria Ikibah

The House of Representatives has called for the immediate rescue of 42 schoolchildren abducted from Mussa Ward in Askira-Uba Local Government Area of Borno State, as lawmakers renewed demands for stronger security around schools across Nigeria.

The resolution was sequel to the adoption of a Motion of Urgent Public Importance sponsored by Rep. Midala Balami during Tuesday’s plenary session.

Advertisement

Debating the motion, Rep. Balami described the abduction as a disturbing reminder of the persistent insecurity confronting communities in Borno State and other parts of the country. He emphasised that safeguarding students, teachers and educational institutions remains a core responsibility of government and warned that repeated attacks on schools continue to threaten access to education and undermine public confidence in security efforts.

The lawmaker recalled a series of high-profile abductions in the state, including the Chibok schoolgirls kidnapping, in which many of the victims are yet to be reunited with their families. He also referenced the mass abduction of more than 400 adults and children from Ngoshe, as well as several kidnappings reported along the Biu-Buratai Road and surrounding communities.

According to Balami, the recurring attacks have left families traumatised, disrupted livelihoods and contributed to declining school enrolment and attendance in vulnerable areas, as many parents fear for the safety of their children.

He argued that urgent and coordinated action is needed to secure the release of those still in captivity, restore public confidence and reassure communities that their safety remains a priority.

Advertisement

The lawmaker also noted growing frustration among residents who increasingly expect concrete results in the fight against insecurity rather than repeated promises.

Following deliberations, the House urged the Federal Government and security agencies to intensify efforts to rescue the 42 abducted pupils and all other victims currently being held by kidnappers or insurgents, with a view to reuniting them with their families as quickly as possible.

Lawmakers further called for enhanced protection of schools in Borno State and other vulnerable regions through increased deployment of security personnel, improved intelligence gathering and more effective rapid-response mechanisms.

The House maintained that ensuring the safety of children and protecting access to education must remain a national priority, particularly in communities that continue to face threats from criminal and insurgent groups.

Advertisement

In addition, the House encouraged the expansion of school protection initiatives, including early warning systems, community-based security arrangements, security awareness programmes and improved surveillance infrastructure around educational institutions.

The House further mandated its Committees on National Security, Defence, Basic Education and Legislative Compliance to engage with relevant security agencies and report back on measures being taken to secure the release of abductees and improve security around schools nationwide.

Lawmakers also urged the Federal Government to develop and implement a comprehensive Safe Schools Security Framework aimed at protecting students, teachers and educational institutions from future attacks.

Advertisement
Continue Reading

Trending

Copyright © 2024 Naija Blitz News