President Muhammadu Buhari has officially launched the Ministry of finance incorporated (M.O.F.I).

The initiative which was originally set in 1959, through an act of parliament as a custodian of the Federal government’s investments in various Government-linked companies and Government owned Enterprises….was inaugurated on Wednesday by the President in Abuja.

Speaking at the event which was held at the council chambers of the presidential villa, President Buhari tasked the new Governing Council and the Board to raise the value of the M.O.F.I’s portfolio from the current 18 trillion naira to 100 trillion naira by 2033.

He added that the move was part of efforts to mobilise capital and invest in assets that are critical to the Federal Government’s revenue- drive, through the conversion of the Nation’s current assets into cash-flow generating entities.

According to the President who is Chairman of the Governing Council alongside the Minister of Finance, Budget and National Planning, Zainab Ahmed who serves as Vice Chair, the inauguration of the council had become necessary to optimize returns on existing investments