Buhari excludes finance mimistry from TSA, appoints power minister into governing council

President Muhammadu Buhari on Tuesday in Abuja approved the partial exclusion of the Ministry of Finance Incorporated (MOFI) from the Treasury Single Account (TSA).

 

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

A statement by Mr.

Femi Adesina

Special Adviser to the President

(Media & Publicity)

Buhari, who conveyed the approval at the 1st Governing Council meeting of MOFI, recalled that the new MOFI was launched on February 1, 2023, 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 of achieving strong returns on investments, while also contributing to the broader economic development of the country.

He commended the Minister of Finance, Budget and National Planning, Zainab Ahmed, the Chairman Board of MOFI, Shamsuddeen Usman, and the entire Executive Team of MOFI for the job well done, three months after the inauguration.

‘‘MOFI’s mission is to generate strong risk-adjusted returns, contribute to the well-being of Nigerians, and be a trusted steward of our nation’s assets and investments.

‘‘With a vast portfolio and strategic investments that span across multiple sectors, MOFI has the potential to shape industries, spur innovation, and support economic growth.

‘‘I am glad to note, from the Board and Management update, the crucial activities and positive engagements by MOFI in just three months after inauguration,’’ he said.

Buhari, therefore, charged the staff and management team of the investment company to continue to work closely with other government agencies, the private sector, Development Finance Institutions (DFIs), and other stakeholders to ensure that they achieve shared goals and objectives.

On the restructuring of MOFI, the President explained that it is a clear indication of the government’s commitment to harnessing and creating value from its assets and investments, adding that the Federal Government is now positioned to optimize its assets, make strategic investments, diversify the economy, generate more revenue, revive public enterprises, and increase transparency in the public sector.

The President reminded members of the council that they have been carefully chosen because of their expertise, experience, and dedication to serving the nation.

Expressing confidence in the abilities of each Council member to bring unique perspectives, insights, and skills that would enrich collective decision-making, the President said:

‘‘Our role as the governing council is many-sided. We must ensure that MOFI’s investments are aligned with Nigeria’s economic objectives.

‘‘We must ensure that we put in place strong governance policies; We must uphold the highest standards of governance and transparency.

‘‘We must engage with MOFI to understand their aspirations, needs, and challenges, we must continue to adapt and innovate in a rapidly changing world.’’

 

 We’re upgrading the military to become a force of global power 

 

Also yesterday, President Buhari in Abuja said the repositioning of the military, through training, networking and equipping, will turn it into a force of global reckoning, while urging officers to keep giving their best to the nation.

Speaking at the commissioning of a Nationwide Secure Defence Headquarters Communications Network, GIWA 2 Project, Phase One, President Buhari assured that the government will sustain its role in meeting the demands of the Armed Forces by evolving necessary initiatives to enhance their position.

“As the Armed Forces of Nigeria continue to reposition to provide the enabling environment for enhancing the security and well-being of the citizens, I implore all our troops to give their best in the service of the nation,’’ he said.

The President said the GIWA 2 Project would provide real-time secure means of communication and incident reporting, as well as information exchange between the Armed Forces and other security agencies.

“It also stands to enhance collaboration between our Defence, Intelligence and Security Community while providing the platform for the denial of freedom of action to all perpetrators of insecurity across Nigeria,’’ he stated.

President Buhari noted that the project initiative was in alignment with some of the main focus areas of the Federal Government in security, economic progress and technological development.

“These benefits of the GIWA 2 Project informed the timely support of the Federal Government, through the Central Bank of Nigeria, to ensure that the Centre is commissioned as one of the proud landmarks and enduring achievements of the Armed Forces of Nigeria under this Administration,” the President further said.

President Buhari directed the Ministry of Communications and Digital Economy to collaborate and support the Defence Headquarters in the project, which could impact Rural Telephony.

“To this end, the Ministry of Communications and Digital Economy is to support the Defence Headquarters in ensuring that the infrastructure available for Rural Telephony is fully deployed for the attainment of GIWA 2 Project deliverables. The Federal Government shall support the full actualisation of the other phases of the GIWA 2 Project,’’ he added.

President Buhari extolled the Armed Forces for their patriotism, loyalty, sense of duty and gallantry.

“Nigeria is blessed with professional and vibrant Armed Forces, which have continually displayed the unflinching capacity to protect the territorial integrity of our country.

“Our Armed Forces have continually demonstrated resolve to provide a safe, secure and enabling environment to promote national security,” the President noted.

President Buhari said his government had made significant strides to enhance the capacity and capability of the Armed Forces to tackle the multiple security challenges.

The President listed some of the efforts including the establishment of Joint Task Forces and the creation of several new military formations to facilitate the conduct of decisive operations against all threats.

“Other efforts to reposition the Armed Forces of Nigeria include acquisition of new armaments and technology platforms to enhance the conduct of military operations and massive infrastructural development to provide our personnel with befitting accommodation as well as formulation of policies and initiatives to improve the welfare of troops and their families,’’ he further stated.

President Buhari commended the Chief of Defence Staff, Gen. Lucky Irabor, other Service Chiefs and stakeholders for the conceptualisation and remarkable work in the establishment of the GIWA 2 Project.

“I urge the Chief of Defence Staff, Service Chiefs and all personnel to work assiduously towards enhancing our national security.  I am confident that, together we can pave the path for the creation of new opportunities to usher Nigeria into a bright future driven by a safe and prosperous environment,’’ he said.

In his welcome address, Chief of Defence Staff, Gen Lucky Irabor stated that the commissioning of the GIWA 2 Project was the culmination of President Buhari’s directives in 2021 that the Defence Headquarters must ensure that farmers displaced by insurgency went back to their farms, noting that the project would ensure a secure communication for the military in carrying out its responsibilities.

General Irabor extolled the President’s sterling leadership that had enabled the Nigerian Armed Forces to accomplish so much in the nation’s fight against insurgency and other criminalities across the country.

 

APC’s promised change fulfilled, Buhari tells Abuja, homeowners,

 

Meanwhile, Buhari on Tuesday presented keys to some new homeowners at the Federal Housing Authority (FHA) Zuba, in the Federal Capital Territory (FCT), urging them to live together in peace and harmony.

‘‘I convey my hearty congratulations to the new homeowners in this estate. Our promise of change has been fulfilled for you,’’ the President said in his speech at the inauguration of the estate, which covers a total of 18.5 hectares of land, consisting of 748 units of various house types in 75 blocks.

The President charged residents of the estate to consciously work together with the FHA to ensure the maintenance of the property and the safety of the environment.

Commending the Chairman, Managing Director, Members of the Board and Staff of FHA on the successful completion of the Estate, the President noted that the project was another testament of his administration’s commitment to lift people out of poverty.

‘‘Housing supply is one of the indices of multi-dimensional poverty that challenges our people and the completion of this estate provides a solution for the beneficiaries.

‘‘The new home owners who benefit from this estate have taken a step up on the ladder of prosperity and away from poverty,’’ he said.

Buhari, who acknowledged that more Nigerians are waiting to benefit from the mass housing project, urged the management of FHA not to relent in delivering other projects at various stages of construction and development across the states.

‘‘One of the measures that we have consciously deployed to attack poverty, create prosperity and develop our economy is the aggressive provision of infrastructure nationwide,’’ he said, noting that such investments also lead to creating employment opportunities for artisans and other skilled members of the society.

The Minister of Works and Housing, Babatunde Fashola, said the completion of the project was a product of team work and leadership by the President, who gave approval for appointments into the leadership of the FHA Board and Management.

‘‘Instead of abandoned projects, we now have 748 completed housing units for Nigerians and their families to shelter,’’ he said, adding that 75 contractors were engaged in the course of the project, while over 13,000 Nigerians were employed both directly and indirectly.

Fashola told the President that the 5 beneficiaries who received keys to their flats, including Tina Orkpe, Salisu Iliyasu, Ado Maude, Rabina Abdulkadir and Flight Sgt. Musa Mohammed subscribed through FHA Rent-to-Own delivery model.

‘‘Although many of the beneficiaries of this project will never meet the President personally, your policies and programmes have met them personally at the point of their needs,’’ he said.

In his remarks, the Chairman, of the Board of Directors, FHA, Senator Shuaibu Lawal thanked the President for providing the grant of N7.5 billion for the project to commence in May 2018.

‘‘Without that grant, which served as the seed money, this project would not have been possible. Mr. President, you take all the credit for what we are seeing here today,’’ he said.

Lawal, who noted that the Estate is ideal for Nigerians who cannot afford houses in areas such as Maitama and Asokoro in the FCT, lauded the Minister of Works and Housing, FCT Minister, Mohammed Bello, for their passionate commitment to the project.

The Managing Director and Chief Executive Office of FHA, Senator Gbenga Ashafa, described the commissioning of the project as a manifestation of the visionary and deliberate housing policy of the President, who in keeping with the promise of providing shelter to Nigerians approved the grant to FHA.

He said the Authority delivered the project at a total cost of N9.5 billion with the subvention of N7.5 billion from the Federal Government.

He explained that the balance of 2 billion of construction cost came from the Authority’s other projects which were ploughed into to complete the estate.

Ashafa disclosed that the Authority has also commenced the development of Bwari Estate, Abuja near the Nigeria Law School, which will deliver 336 units of various houses under the first phase of the project.

He added the proposed Diaspora City initiative, which targets Nigerians in the Diaspora, is in progress, with the intention of extending the programme to all the regions of the country, with Abuja as the pilot scheme.

 

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