163
By Tracy Moses
The House of Representatives Committee on Finance and Public Assets on Tuesday held a public hearing to review and reform Nigeria’s financial legal structure, with Speaker Tajudeen Abbas urging timely legislative action to modernize the system.
The hearing focused on a proposed bill titled: “A Bill for an Act to Repeal the Ministry of Finance Incorporated Act, Cap M229, Laws of the Federation of Nigeria 2024, and Enact the Ministry of Finance Incorporated (Establishment, Etc.) Act.”
Speaker Abbas described the event as a crucial legislative effort to examine and update the nation’s financial statutes to align with current global financial management practices and regulatory expectations.
Established in 1959 and last reviewed in 2004, the Ministry of Finance Incorporated (MOFI) was designed to allow the Federal Government to partake in commercial ventures. However, Abbas expressed concern over MOFI’s consistent failure to meet its statutory and ethical responsibilities.
He stressed the need to overhaul the agency to ensure it upholds transparency and accountability in the management of public investments.
“This public hearing provides a platform for professionals, stakeholders, and the public to contribute meaningfully to a legislative process aimed at repealing outdated laws and crafting a modern legal framework that reflects today’s economic realities,” Abbas noted.
He emphasized the role of public input in shaping effective legislation, adding, “Your contributions will guide us in developing a law that truly serves the interest of the nation.”
Declaring the session open, Abbas asserted that the deliberations would have lasting implications for Nigeria’s economic governance and overall financial integrity.
Committee Chairman, Hon. James Faleke, noted that the existing MOFI Act, inherited from its 1959 origins, mandates the agency to manage federal government investments, assets, and financial commitments, including properties, rights-of-way, and loan recoveries.
Faleke criticized the unofficial transfer of public assets to individuals through executive directives without due legal process, arguing that such practices violate the agency’s core mandate and highlight institutional weaknesses.
He asserted that the proposed legal amendments would align MOFI’s operations with contemporary economic challenges and provide the necessary statutory backing to revamp the agency in line with international standards.
According to Faleke, the hearing was intended to gather insights from MOFI, sector experts, and the general public to enhance the agency’s performance and maximize revenue generation to support Nigeria’s long-term fiscal health.