Reps Seek Enumeration, Valuation Of Public Assets

House of Representatives has called for the urgent enumeration and valuation of public assets in Nigeria for economic growth and accountability in governance.

This followed the adoption of a motion sponsored by Hon Esosa Iyawe from Edo State who stressed the importance of valuing and managing public assets for the country’s economic health and accountability.

He said, the valuation of these assets, which include real estate and government-owned companies, is necessary for a variety of purposes such as financial reporting, privatisation, and asset management.

Hon Iyawe emphasised that understanding the worth of public assets is fundamental in assessing Nigeria’s economic growth and development.

“This process aids the government in identifying the most effective strategies for enhancing economic development. Given the vast potential of the Federal Government’s assets, efficient management could generate significant revenue streams, contributing to the funding of government budgets.

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“However, concerns have been raised about the current state of asset management. Reports indicate uncertainty regarding the actual assets owned by the Federal Government, with some assets reportedly unknown or non-existent.

“This lack of clarity and attention to asset valuation has led to substantial economic losses for the country, coupled with inadequate documentation by various Ministries, Departments, and Agencies.”

Adopting the motion, the House urged the Ministry of Finance Incorporated (MOFI) and the Nigerian Institute of Estate Surveyors and Valuers (NIESV) to embark on comprehensive enumeration and valuation of all public assets and publish a detailed inventory of the assets in a register that would be available to the public.

It mandated the Committees on Finance and Public Assets to ensure compliance, and investigate the management of assets by ministries, departments and agencies of the federal government to ensure accountability and eliminate uncertainties regarding assets owned by the federal government, and curb economic loss to the country.