The Ministry of Finance Incorporation (MOFI) has been ordered by the federal government to move quickly on the unbundling of the Nigeria Railway Cooperation.
The Federal Ministry of Finance established MOFI as an asset holding company in accordance with Sections 2 and 3 of the Ministry of Finance Incorporated (MOFI) Act of 1959.
All investments, estates, and other rights held by the Federal Government are solely managed by MOFI.
During a courtesy visit by MOFI management, the Minister of Transportation, Mu’azu Sambo, stated that the unbundling of NRC was in keeping with the vision and goals of ongoing reforms in the transportation sector.
He claimed that the existing NRC cannot function at its best and tasked MOFI with driving its unbundling to make it more sustainable while providing Nigerians with top-notch services.
“One of the things I will like to see from MOFI is the unbundling of the NRC. There is a committee set up to unbundle NRC and I will urge you to work with the committee,” he said.
The minister emphasized that similar reforms should be carried out in the railway sector and cited the benefits of the reforms carried out in the ports.
He allayed worries that the upcoming unbundling would result in job losses by saying: “I don’t want the NRC staff to see the unbundling of the NRC as a threat to their jobs. If we have a better-performing NRC, we are going to have better salaries and working conditions for its workers. More revenue will come to the FG.”
The problem of encroachment on railway property, Sambo noted, will soon be a thing of the past as “MOFI was berthed for a specific reason.”
According to Dr. Armstrong Katang, chief executive officer of MOFI, the purpose of the visit was to strategize ways to improve the collaboration between MOFI and the Ministry of Transportation.
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