Why Buhari excluded finance ministry from TSA – Adesina

Why Buhari excluded finance ministry from TSA – Adesina

President Muhammadu has approved the partial exclusion of the Ministry of Finance Incorporated (MOFI) from the Treasury Single Account (TSA) to generate strong return on investment.
This is coming barely 28 days before leaving office on May 29.

The TSA was introduced by the Federal Government to ensure financial accountability and avert revenue diversion or leakage.
Special Adviser to the President (Media & Publicity), Femi Adesina, disclosed the exclusion of MOFI in a statement, adding that the action was to allow it to generate strong return on investment.

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He said the President, who conveyed the approval at the First Governing Council meeting of MOFI, recalled that the new MOFI was launched on February 1, 2023, to transform it from a registry of investment records to a world-class asset and investment management company.
The statement explained that as a government-owned investment company, the President stressed that MOFI must be supported to exercise its responsibility of achieving strong returns on investments, while also contributing to the broader economic development of the country.
He commended the Minister of Finance, Budget and National Planning, Zainab Ahmed, the Chairman Board of MOFI, Shamsuddeen Usman, and the entire executive team of MOFI for a good job.
The statement quoted him as saying, ‘‘MOFI’s mission is to generate strong risk-adjusted returns, contribute to the well-being of Nigerians, and be a trusted steward of our nation’s assets and investments.
“With a vast portfolio and strategic investments that span across multiple sectors, MOFI has the potential to shape industries, spur innovation, and support economic growth.”

Why Buhari excluded finance ministry from TSA – Adesina