Abuja: The Account General of the Federation (AGF), Mrs. Oluwatoyin Madein, has announced the introduction of a National Electronic Asset Register aimed at boosting transparency and accountability in the management of public assets.
According to News Agency of Nigeria, Mrs. Madein made this announcement during the inauguration of the register and the unveiling of a Compendium of Federation Account Revenue Allocation from 2020 to 2023. She emphasized the crucial role assets play as the backbone of any economy. Highlighting their importance, she stated, “For any government, public assets are a significant part of its balance sheet, influencing not just the financial position but also its ability to deliver services to the citizens.”
Mrs. Madein explained that the national electronic asset register is designed to provide real-time access to information about assets owned by the Federal Government. This digital register is expected to increase transparency and serve as a central point for public policymakers and the government to access and track the nation’s assets. “By doing this, we are fostering greater accountability which is essential to preventing mismanagement, fraud, and corruption,” she added.
The AGF noted that the asset register will improve public financial management, enabling the Federal Government to effectively track and manage its Property, Plant, and Equipment (PPE). The initiative is intended to secure the future by helping understand the long-term value of government assets and planning for their maintenance, replacement, or disposal in alignment with national development goals.
Mrs. Madein also highlighted that the inauguration represents a commitment to international standards, with the Federal Government adopting International Financial Reporting Standards (IFRS) and International Public Sector Accounting Standards (IPSAS) for public sector accounting, supported by the digital register. She further remarked that the unveiling of the Compendium of Federation Account Revenue Allocation from 2020 to 2023 reflects the government’s dedication to transparency and accountability in financial management.
The compendium offers a detailed breakdown of revenue allocation to the three tiers of government, serving as a vital tool for policymakers, researchers, students, national and state assemblies, and the public. It covers a four-year period and provides a comprehensive analysis of revenue distribution among federal, state, and local governments.
The Minister of State for Finance, Doris Uzoka-Anite, expressed that the initiative allows the Federal Government to make revenue projections from its assets. She stated, “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.” Uzoka-Anite praised the AGF for successfully implementing both the register and the compendium.