In a bid to boost government’s revenue, President Muhammadu Buhari on Wednesday inaugurated the Governing Council, Board of Directors and Executive Management Team of the Ministry of Finance Incorporated (MOFI).
Buhari performed the inauguration ceremony at the State House, Abuja, just before the commencement of the weekly Federal Executive Council (FEC) meeting.
MOFI is an investment vehicle, as part of overall measures to revive and restructure non-performing assets and boost government revenue.
The President tasked the new Board, chaired by former Minister of Finance, Dr Shamsudeen Usman, to raise the value of MOFI’s portfolio from the current N18 trillion to N100 trillion by 2033.
President Buhari said the governing council is fully set up as a world class investment company with a new management and board, with core professionals with specialisation in portfolio management.
According to him, the inauguration of the Governing Council, Board and Executive Management Board became necessary to optimize returns on existing investments.
The Governing Council is chaired by the President, with the Minister of Finance, Budget and National Planning, Dr Zainab Ahmed, as Vice-Chair.
Its members include the Ministers of Petroleum Resources, Timipre Sylva (State); Aviation, Hadi Sirika; Industry, Trade and Investment, Niyi Adebayo; Transportation, Mu’azu Sambo; Central Bank Governor, Godwin Emefiele and three experts appointed by the president: Prof. Muhammad Sagagi, Dr Ayo Teriba and Prof. Ken Ife.
The Board members include the Permanent Secretaries of the Ministries of Finance and Petroleum Resources; Acting Accountant-General of the Federation, Olawale Edun; Fatima Mede, Ike Chioke, Muhammad Nda, Alheri Nyako and an executive from the CBN.