President Muhammadu Buhari of Nigeria has granted a partial exemption to the Ministry of Finance Incorporated (MOFI) from the Treasury Single Account (TSA). The decision was made during the 1st Governing Council meeting of MOFI, which was launched on February 1, 2023, with the aim of transforming it from a registry of investment records to a world-class asset and investment management company.
The President emphasised that MOFI must be supported as a government-owned investment company to exercise its responsibility of achieving strong returns on investments, while also contributing to the broader economic development of the country. He also granted the request of the Ministry of Finance Board to charge management and transaction fees, as well as the inclusion of the Minister of Power in the Governing Council.
The TSA was introduced by the Buhari-led administration in 2015 as a means of consolidating all government revenues in a single account to enhance transparency and accountability. However, the partial exemption granted to MOFI from the TSA suggests that the government is willing to allow some flexibility for specific government-owned investment companies.