The federal government has officially launched the National Electronic Assets Register, a digital platform designed to provide real-time access to information about the country’s assets.
The initiative aims to enhance transparency and attract more investments to Nigeria by serving as a central database where the public, policymakers, and government agencies can track and manage public resources.
At the launch event, which also featured the unveiling of a compendium detailing Federal Account Allocation Committee (FAAC) allocations to the three tiers of government from 2020 to 2023 in Abuja yesterday, the Accountant General of the Federation (AGF), Dr. Oluwatoyin Madein, described the register as a milestone in the country’s financial management reforms.
She emphasised that the initiative is crucial for the sustainability of Nigeria’s finances and the integrity of its financial systems.
“This initiative aligns with the federal government’s commitment to ensuring that the management of public funds and assets is carried out in the most transparent and accountable manner,” Madein stated.
She highlighted that when citizens have visibility into how public assets are managed, they can hold the government accountable.
According to her, all forms of public property, whether infrastructure, equipment, or other assets, must be properly accounted for, and the register will help ensure they are utilized for the benefit of Nigerians.
Madein further noted that real-time access to accurate asset data will support policy formulation, budgeting, and planning.
“By having a clear understanding of the assets we own and their conditions, we can make more informed decisions about how to allocate resources, manage investments, and even pursue privatisation or Public-Private Partnerships (PPPs) for underutilised assets,” she said.
She added that the digital register aligns with international standards, reinforcing Nigeria’s adoption of the International Financial Reporting Standards (IFRS) and the International Public Sector Accounting Standards (IPSAS) for public sector accounting.
That, she said, would improve asset management while enhancing the credibility and integrity of Nigeria’s financial statements.
Speaking on the FAAC allocations compendium, Madein described it as a testament to her office’s commitment to transparency and accountability in public finance management.
The document provides a detailed breakdown of revenue distribution across federal, state, and local governments, serving as a valuable resource for policymakers, researchers, students, legislative bodies, and the public.
Minister of state for Finance, Doris Uzoka-Aniete, who performed the official unveiling of the compendium, commended the accountant general for her dedication to transparency and accountability.
She also emphasised the importance of the electronic asset register, stating that it would provide an accurate valuation of the country’s assets and create opportunities for both local and foreign investments.
We’ve got the edge. Get real-time reports, breaking scoops, and exclusive angles delivered straight to your phone. Don’t settle for stale news. Join LEADERSHIP NEWS on WhatsApp for 24/7 updates →
Join Our WhatsApp Channel
