By John Danjuma

The Nigerian Senate has launched a strategic push to reform the country’s management of public assets with the introduction of the Ministry of Finance Incorporated (Repeal and Re-enactment) Bill, 2025 — a bold legislative effort to replace a law that has remained unchanged since 1959.

Sponsored by Senator Sani Musa (APC, Niger East), the bill passed its first reading on Tuesday and is designed to overhaul the legal and institutional framework of the Ministry of Finance Incorporated (MOFI), transforming it into a modern, commercially viable enterprise.

At the heart of the bill is a vision to reposition MOFI as a key driver of economic growth, tasked with managing and optimising federal government investments through transparent, accountable, and performance-based systems.

The proposed law introduces sweeping reforms, including:

Stronger governance and oversight mechanisms

Full alignment with international asset management standards

Clear mandates to drive profitability from underperforming public enterprises

Senator Musa described the bill as a critical national asset reform tool:

“Nigeria’s fiscal future depends not only on revenue generation but on how we manage what we already own.”

The Senate’s action comes at a time of rising national demand for fiscal responsibility and economic resilience. By unlocking the value of dormant or poorly managed public investments, the MOFI reform bill is expected to contribute significantly to national development and long-term wealth creation.