FG exempts Finance Ministry from TSA

President Muhammadu Buhari approved the partial exemption of the Ministry of Finance, Inc. from the Treasury Single Account (TSA).

Buhari also granted the request of the MOFI Board to charge management and transaction fees, and the inclusion of the Minister of Power in the Governing Council.

The president further explained at the 1st Governing Council meeting of MOFI, recalled that the new MOFI was launched on 1st February, 2023 so as to transform it from a registry of investment records to a world-class asset and investment management company.

As a government-owned investment company, the president stressed that MOFI must be supported to exercise its responsibility. This responsibility, he explained, is to create strong investment returns. However, it will not lose sight of the need to enhance the economic growth of the country.