FG launches electronic asset register to boost investment

The Federal Government has launched a national electronic register to give real-time access to information about the assets owned by the government to attract more investments to the country.

The digital registry is meant to increase transparency and serve as a central point where the country’s assets can be assessed and tracked.

The Accountant General of the Federation, Dr Oluwatoyin Madein, in a keynote address at the launch which also featured the unveiling of a compendium of the FAAC allocations to the three ties of government from 2020 to 2023, said the launch is a milestone in the journey of transforming the way the country manages its public resources.

She said the journey is essential for the sustainability and integrity of the country’s finances and financial systems.

“This initiative aligns with the Federal Government’s commitment to ensuring that public funds and assets are managed in the most transparent and accountable manner,” she said.

Madein said when citizens can see how public assets are being managed; they can hold their government accountable.

“Whether it is infrastructure, equipment, or other forms of public property, every asset must be accounted for,” she said, adding that the register is a step toward ensuring that the government’s assets are being put to the best use for the benefit of the Nigerian people.

She said real-time access to accurate data would assist in 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.

The outgoing Accountant General said the launch of the National Electronic Assets Register is also a commitment to international standards. She said the Federal Government of Nigeria’s adoption of the International Financial Reporting Standards (IFRS) and the International Public Sector Accounting Standards (IPSAS) for public sector accounting will be greatly supported by the presence of the digital register.

“This aligns us with best practices worldwide, helping us not only to improve the management of our public assets but also to enhance the credibility and integrity of our financial statements,” she said.

On the compendium of FAAC allocations to federal, state and local governments from 2020 to 2023, the AGF said it is a testament to the commitment of her office to transparency and accountability in the management of the country’s finances.

She said it provides a detailed breakdown of the revenue allocation to the three tiers of government and serves as a vital tool for policymakers, researchers, students, national and state assemblies and the general public.

Performing the official unveiling of the compendium, Minister of State Finance, Doris Uzoka-Aniete, commended the Accountant General for her commitment to enthroning transparency and accountability.

Speaking specifically on the electronic asset register, the minister said it is a very important document that will give the real value of the country and open it up for local and foreign investments.