Esosa Iyawe, the member representing Oredo Federal Constituency of Edo State in the House of Representatives, has said that wanton neglect of public assets and untapped economic benefits to the country are some of the reasons for his motion on the floor of the house on December 18, 2023.

Iyawe moved the critical motion, at a time Nigeria is facing dwindling revenue, which is shrinking government’s programmes and interventions aimed at improving the wellbeing of its citizens.

The motion by Iyawe was well-timed, as it coincided with the return of Speaker of the House, Tajudeen Abbas, Welcoming back the speaker of the 10th National Assembly, Iyawe introduced himself as representing the “vibrant” people of Oredo Federal Constituency.

Iyawe, a trained engineer, detailed lack of adequate accountability of public assets in Nigeria, highlighting that inventory of the assets is critical for proper accounting and privatization purposes and further stressed that effective valuation of the public assets will help determine if they are properly managed or not.

While lamenting that many of the public assets are in a decrepit state, the Edo-born legislator noted that the state of some of the facilities is a direct indictment on Ministries, Departments and Agencies (MDAs). He subsequently moved that Ministry of Finance Incorporated (MOFI) and the Nigerian Institute of Estate Surveyors and Valuers (NIESV) should be mandated to publish a comprehensive enumeration and valuation of all public assets in Nigeria.

“Good afternoon, Mr Speaker, we have missed you in the house for this long period of time and it is glad to be back. I am Honourable Esosa Iyawe, I represent the vibrant people of Oredo Federal Constituency. Mr Speaker, I’m from Edo State. Mr Speaker, I rise to move a motion on the need for valuation of public assets in Nigeria and ensure accountability in the management of government assets. Mr Speaker, the house notes that the valuation of public assets may be undertaken for a range of purposes, including financial reporting, privatization planning, disposal acquisition, rental and compensation, among others. And to determine whether a public asset is being used and managed effectively,” stated Iyawe.

Continuing, he said, “The house also notes that public assets valuation is important because it helps to assess the level of growth of a country, hence embarking on such exercise will help the government to seek the most suitable avenues to enhance economic development. Mr. Speaker, the house is aware, that the Federal Government owns a potential goldmine of assets, mostly in the form of real estate and government-owned companies, and with better administration, many of those assets could generate value and a revenue stream to fund government budgets.

“Mr. Speaker, the house is also aware that public sector accounting is essential for achieving optimum return on investments and reducing the cost of liabilities, thus the Federal Government needs to regularly take accurate stock of its assets in order to ensure economic sustainability. Mr. speaker, the house is concerned about reports which show that there is uncertainty about actual unknown assets owned by the Federal Government as some are claimed to be unknown while some are, according to a report, ‘dead and gone’.

“Mr Speaker, the house is also concerned that asset valuation has not been given much attention by the Federal Government, and improper documentation has caused avoidable huge economic losses to the country, which is also an indictment to Ministries, Departments and Agencies. Mr Speaker, the house resolves to urge the Ministry of Finance Incorporated (MOFI) and the Nigerian Institute of Estate Surveyors and Valuers (NIESV) to ensure 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.

“The house also resolves to mandate the Committee on Finance and Committee on Assets to ensure compliance, and investigate the management of assets by Ministries, Departments and Agencies of the Federal Government with a view to ensuring accountability and eliminating uncertainties regarding assets owned by the Federal Government, and curb economic loss to the country. Mr Speaker, I so move,” added Iyawe.
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