Managing public assets is of crucial importance to ensure the economic sustainability of a country. However, it appears that the Federal Government of Nigeria has paid little attention to the valuation and documentation of its assets, resulting in avoidable economic losses.
It is against this backdrop that the House of Representatives decided to mandate its Public Assets Committee to investigate the management of public assets by government ministries, departments and agencies (MDOs). The decision was taken following the adoption of a motion moved by MP Esosa Iyawe (LP-Edo) during a plenary session in Abuja.
The objective of this survey is to enable the federal government to regularly take an accurate inventory of its assets to ensure the economic sustainability of the country. Indeed, reports reveal some uncertainty about what assets the government actually holds, undermining transparency and accountability.
The motion passed by the House of Representatives also calls on the Ministry of Finance and the Nigerian Institute of Property Surveyors and Valuers to undertake a thorough census and valuation of all public assets. This measure will provide a detailed inventory of assets in a publicly accessible register, thus ensuring greater transparency.
The Finance and Public Assets committees have also been tasked with ensuring compliance of MDOs and investigating their asset management. This initiative aims to ensure accountability and eliminate uncertainties regarding assets held by the federal government, while reducing economic losses to the country.
Effective management of public assets is essential to ensure a country’s long-term economic prosperity. By ensuring that government ministries, departments and agencies properly account for and document their assets, Nigeria will be able to optimize the use of its resources and avoid unnecessary financial losses.
This investigation launched by the House of Representatives is a step in the right direction to promote transparency and accountability in the management of public assets. Hopefully, the recommendations from this survey will be implemented effectively to ensure better management of public assets in Nigeria.