66 Years After, Senate To Overhaul MOFI Act

Reactions As Senator Sani Musa Struggles To Define ‘Harmonize’ At Senate Plenary

A moment in the Nigerian Senate quickly became a trending topic after Senator Sani Musa, representing Niger East, was caught off guard when asked to define the word “harmonize” during a plenary session. A video from the primary session on Thursday shows the moment the Senate President, Godswill Akpabio, posed the question, but Senator Sani […]

Senate Moves to Overhaul MOFI Act After 66 Years, Targets Overhaul of Public Asset Management - TV360 Nigeria

In a significant legislative move aimed at reforming Nigeria’s approach to public asset management, the Senate has commenced the process of repealing and re-enacting the Ministry of Finance Incorporated (MOFI) Act  a law that has stood for more than six decades. The bill, titled the Ministry of Finance Incorporated Act (Repeal and Re-enactment) Bill, 2025 (SB. 843), is spearheaded by Senator Sani Musa, who represents Niger East and serves as the…

Senate moves to overhaul MOFI Act to improve asset management

The senate has begun the process of repealing and re-enacting the Ministry of Finance Incorporated (MOFI) Act, 66 years after it was first enacted.   The move is aimed at reforming how Nigeria’s public assets are managed.   The bill, titled ‘Ministry of Finance Incorporated Act (Repeal and Re-enactment) Bill, 2025 (SB. 843)’, is sponsored by Sani Musa, senator representing Niger east and chairman of the committee on finance.   The proposed legis…

Ksh413B in Public Assets Missing or Mismanaged, Audit Reveals - Nairobi Wire

Kenya’s public finance management has come under sharp scrutiny after Auditor General Nancy Gathungu exposed major asset documentation failures totaling Ksh413.2 billion across 26 government ministries, departments, and agencies. In her 2023/2024 financial year report, Gathungu revealed that widespread inaccuracies in fixed asset registers continue to hinder transparency and accountability in public institutions. The audit highlights glaring omi…

66 Years After, Senate To Overhaul MOFI Act

Sixty-six years after it was first enacted, the Nigerian Senate has begun repealing and re-enacting the Ministry of Finance Incorporated (MOFI) Act, marking a significant step toward reforming the management of the country’s public assets. The proposed legislation, titled Ministry of Finance Incorporated Act (Repeal and Re-enactment) Bill, 2025 (SB. 843), is sponsored by Senator Sani Musa (APC, Niger East), Chairman of the Senate Committee on Fi…

Reps Amend MOFI Act To Reposition Agency

Reps Amend MOFI Act To Reposition Agency By Juliet Vincent The Chairman of the House of Representatives Committee on Finance, Hon. James Abiodun Faleke, has said the amendment of the Ministry of Finance Incorporated (MOFI) Act has become necessary to reposition the agency and enable it to effectively discharge its responsibilities. Faleke made this known on Tuesday at a public hearing on the bill to repeal and re-enact the MOFI Act, held jointly…