Buhari grants approval to exclude MOFI from TSA

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Abuja, May 2, 2023 – President Muhammadu Buhari has granted approval for partial exclusion of the Ministry of Finance Incorporated (MOFI) from the operation of Treasury Single Account (TSA).

TSA is the single account where all the federal government’s revenue are kept.

Buhari also granted the request of the Board of MOFI to charge management and transaction fees and the inclusion of the minister of power in its Governing Council.

He conveyed the approval on Tuesday at the first meeting of the Governing Council of MOFI.

Buhari said the new MOFI was launched to transform it from a registry of investment records to a World-Class Asset and Investment Management Company.

He said that MOFI must be supported to exercise its responsibility of achieving strong returns on investments, while also contributing to broader economic development of the country. (GBN)

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