Economic Crisis Blamed On Sale Of Assets By Federal Govt Without Proper Evaluation

Nigerian Institution of Estate Surveyors and Valuers (NIESV) on Tuesday, blamed the current economic instability on the federal government’s failure to properly evaluate the nation’s assets before disposing of them.

 This is just as the Ogun State chapter of NIESV called on the Prince Dapo Abiodun-led administration to immediately commence inventory taking of the state’s functional and abandoned assets, value such to enable the citizens understand how solvent or otherwise the state is on the heels of agitations for a new minimum wage.

NIESV state chairman , Bola Orekoya, stated this in an interview with journalists during a peaceful rally held in Abeokuta, the state capital as part of the activities marking the 2024 edition of the National Valuation Day.

On the focus for this year’s celebration, “Importance of Asset Valuation for Financial Stability”, Orekoya emphasised that improper pricing of the nation’s assets has culminated in substantial revenue loss and financial instability in Nigeria.

“Government should engage estate surveyors and valuers fully to assist in asset valuation, which will go a long way in ensuring financial stability for both the private and public sectors.”

Earlier, the vice chairman of the institute,  Adejimi Adeolu, said Ogun has a lot of assets, both functional and abandoned, adding that Governor Dapo Abiodun would be doing the state a lot of good if his administration would embark on an immediate inventory, “value them to enable us all know the worth of this state.”

He continue, “We must, however, emphasise that in embarking on this evaluation, the state government must engage the services of the private practitioners, place their findings side-by-side with that of the valuers in government  and compare them to really understand the true worth of the state.”