CHAINS BROKEN IN FAFU FOREST: TROOPS RESCUE CAPTIVE, DISMANTLE TERROR HIDEOUTS IN KATSINA. (PHOTOS). #PRESS RELEASE.

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 CHAINS BROKEN IN FAFU FOREST: TROOPS RESCUE CAPTIVE, DISMANTLE TERROR HIDEOUTS IN KATSINA Troops of the Nigerian Army during Operation CLEAN SWEEP  have intensified offensive actions in Katsina State, delivering decisive blows against terrorist elements through sustained, intelligence-driven operations. These efforts, executed by troops of 17 Brigade Strike Group and Quick Response Force alongside elements of 8 Division Special Forces, underscore the Army’s resolve to dismantle criminal enclaves, disrupt terrorist supply networks and restore safety across affected communities in the North-West. On the fourth day of the operation, troops carried out a well-coordinated clearance mission targeting terrorist strongholds in and around Tuga, within Matazu Local Government Area. Leveraging real-time Intelligence, Surveillance and Reconnaissance support, complemented by precision strikes from the Air Component of Operation FANSAN YAMMA, clearing  several settlements. During the ...
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REPS APPROVE FINANCE MINISTRY AMENDMENT BILL FOR SECOND READING. (PHOTO).

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 Reps Approve Finance Ministry Amendment Bill for Second Reading


The House of Representatives on Tuesday passed for a second reading a Bill aimed at repealing the Ministry of Finance Incorporated Act of 1959 and replacing it with the Ministry of Finance Act of 2024.


Leading the debate on the Bill's general principles, Ademorin Kuye explained that the Ministry of Finance Incorporated (MoFI) was established in 1959 by an Act of Parliament to act as the sole custodian of Federal Government assets across the country. However, Kuye pointed out that since its inception, MoFI has failed to function effectively due to issues such as asset mismanagement, diversion, and abuse.


Kuye emphasized that the 1959 Act, which consists of only six sections, is outdated and lacks the framework necessary for MoFI to operate efficiently in modern Nigeria. He highlighted that the proposed new Act would introduce a comprehensive framework with 49 sections, addressing the conduct, management, and custodianship of Federal Government assets.


He further explained that, if enacted, the Bill would revitalize MoFI by establishing a robust institutional framework, improving its corporate governance, and outlining its organizational structure. The Bill aims to ensure better ownership, accountability, and management of federal assets, as well as to empower the corporation to contribute to economic growth through efficient asset management, preventing abandonment and misappropriation.


Kuye also noted that the Bill would provide a strong legal foundation for creating a national corporation capable of managing and optimizing over N300 trillion worth of federal assets. This would be achieved by granting MoFI specific powers and ensuring that its board is properly incentivized.

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