Reps mandate finance ministry to carry out comprehensive enumeration and valuation of FG’s assets
Ayodele Olalere
The House of Representatives has mandated the Ministry of Finance, MOF, to carry out comprehensive enumeration and valuation of federal government’ assets.
Hon Esosa Iyawe, a member of the House, while speaking on the floor of the House, said the lawmakers recognized the critical importance of valuing and managing public assets for the country’s economic health and accountability.
The valuation of these assets, which includes real estate and government-owned companies, is key for a variety of purposes such as financial reporting, privatization, and asset management.
According to Hon Iyawe, he emphasized that understanding the worth of public assets is fundamental in assessing Nigeria’s economic growth and development. This process aids the government in identifying the most effective strategies for enhancing economic development.
He said that given the vast potential of the Federal Government’s assets, efficient management could generate significant revenue streams, contributing to the funding of government budgets.
The lawmaker further said evaluating assets of the federal government was necessary following concerns over the current state of asset management.
According to him, reports indicate uncertainty regarding the actual assets owned by the federal government, with some assets reportedly unknown or non-existent.
This lack of clarity, he submitted, has led to substantial economic losses for the country, coupled with inadequate documentation by various Ministries, Departments, and Agencies.
The House therefore ordered the Ministry of Finance Incorporated and the Nigerian Institute of Estate Surveyors and Valuers, NIESV, to conduct a thorough enumeration and valuation of all public assets.
The Committee on Public Assets was also tasked to ensure compliance with these measures. They are to investigate the management of assets by federal government departments and agencies, aiming to establish accountability, eliminate uncertainties about asset ownership, and prevent further economic losses.
This initiative marks a significant move towards achieving optimal returns on investments, reducing liabilities, and ensuring the economic sustainability of Nigeria’s public sector.
