National electronic asset register will increase transparency, says AGF

The Account General of the Federation (AGF), Mrs. Oluwatoyin Madein, says the newly introduced National Electronic Asset Register will increase transparency and accountability in public finances.

Madein said this during the inauguration of the register and unveiling of a Compendium of Federation Account Revenue Allocation from 2020 to 2023, in Abuja on Thursday.

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According to her, assets are the backbone of any economy.

“For any government, public assets are a significant part of it balance sheet, influencing not just the financial position but also its ability to deliver services to the citizens.

” The importance of transparency in asset management can not be overstated. It ensures that we know what assets we own, where they are located and how they are used.

“This is not just an accounting exercise but a matter of public trust,” Madein said.

She said that the national electronic asset register was designed to give real-time access to information about the assets owned by the Federal Government.

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She said that the digital register would increase transparency and also serve as a central point where public policy makers and the government can access and track the nation’s assets.

” By doing this, we are fostering greater accountability which is essential to preventing mismanagement, fraud and corruption.

” 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.

” This register is a step toward ensuring that government asassets are put to the best use for the benefit of the Nigerian people,” she said.

According to her, the asset register will improve public financial management, and enable the Federal Government to track and manage its Property, Plant and Equipment (PPE) effectively.

She said that the initiative would secure the future and help in understanding long-term value of government assets and plan for their maintenance, replacement or disposal in alignment with the national development goal.

Madein said that the inauguration was also a commitment to international standards.

She said that the Federal Government adopted the International Financial Reporting Standards (IFRS) and International Public Sector Accounting Standards (IPSAS) for public sector accounting, to be supported by a digital register.

According to the AGF, unveiling of Compendium of Federation Account Revenue Allocation from 2020 to 2023 is also a testament to government’s commitment to transparency and accountability in the management of the nation’s finances.

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” The compendium 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 public.

” The constitution of the Federal Republic of Nigeria section 163 stipulates that all federally collected revenues should be paid into the Federation Account Allocation Committee (FAAC), at the monthly meeting,” she said.

According to her, the compendium covers a period of four years and provides a comprehensive analysis of the revenue allocation of the federal, states and local governments.

The Minister of State for Finance, Doris Uzoka-Anite, said that with the initiative the Federal Government could now make projections as to what sort of revenues to expect from its assets.

” With this we can now do balance sheet management, we can do financial derivatives on it and also release some potentials that have been locked down,” she said.

Uzoka-Anite commended the AGF for successfully putting both the register and the compendium together.