FG launches digital register to collate, manage public assets

In a significant step towards enhancing transparency and efficiency in asset management, the federal government on Thursday unveiled a National electronic asset register, designed to comprehensively collate and manage all public assets.

This digital platform unveiled in Abuja by the Office of the Accountant General of the Federation (OAGF), will function as a central repository for all government assets, ensuring real-time updates, access and complete transparency.

It will not only facilitate the tracking and management of these assets but also equip decision-makers with the necessary tools to make informed, data-driven decisions regarding asset management, privatisation, and Public-Private Partnerships (PPP).

Oluwatoyin Maiden, outgoing accountant general of the federation, said the new register is designed to streamline the tracking and utilization of government properties, potentially unlocking new revenue streams and reducing asset mismanagement.

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She noted that the digital registry will increase transparency, serving as central point where the public, policy makers and government agencies can access and track the nation’s assets.

Going forward, all Ministries, Departments, and Agencies (MDAs), along with Government-Owned Enterprises (GOEs) that possess government assets, are required to upload them onto the newly launched electronic platform.

This mandate ensures that all government properties are systematically recorded and managed, promoting accountability and transparency across the public sector

The AGF further described the launch as a milestone that will transform the management of public resources- and critical for the sustainability of the country’s finances and the integrity of the financial system.

According to her, the initiative aligns with the federal government’s commitment to ensuring that the management of public funds and assets is carried out in the most transparent and accountable manner.

“By doing so, we are fostering greater accountability, which is esential to prevent mismanagement, fraud, and corruption.

“This initiative is not just about managing assets today. It is about securing the future. It will help us understand
the long-term value of our assets and plan for their maintenance, replacement, or even disposal in a way that is aligned with our national development goals.

“In the long run, this will create a more sustainable and efficient government that is capable of providing better services to its citizens,” she stated.

In addition to increasing transparency, the National Electronic Assets Register will significantly improve public financial management, by enabling the federal government track and manage its Property, Plant, and Equipment (PPE) more effectively.

This capability will not only enhance reporting and compliance with International Public Sector Accounting Standards (IPSAS) but will also support better decision-making.

According to Maiden, real-time access to accurate data will asist in policy formulation, budgeting, and planning.

She further noted that having a clear understanding of its own assets and their conditions, government can make more informed decisions about how to allocate resources, manage _investments, and even pursue privatisation or Public-Private Partnerships (PPPs) for underutilised assets.

The launch of the register is also a commitment to international standards like the International Financial Reporting Standards (IFRS).

“This aligns with best practices worldwide, helping us not only to improve the management of our public assets but also to enhance the credibility and integrity of our financial statements.”

Also at the event, a compedium on Federation Account Revenue Allocation to the federal states and local governments from January 2020 to December, 2023, was also unveiled. It is a detailed breakdown of the revenue allocation to the three tiers of government within this period.

The compendium, the AGF said, is a testament to government’s commitment to transparency and accountability in the management of the country’s resources and serves as a tool for policy makers, researchers, students, law makers and the public.

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Doris Uzoka-Anite, minister of state, finance who launched the register said it will help government capture several of its assets locked in different MDAs so that they can be quantified, valued, made accessible, visible and put to good use.

She called it a government’s balance sheet, which will help debt sustainability drive, reduced borrowing and revenues.

“We will leverage this balance sheet to cut down on liquidity issues and drive needed investments, ” she stated.

Mbat Josephine, the acting director, asset tracking and management, OAGF noted that the Asset Tracking and Management Project (ATMP) was initiated following the Federal Executive Council’s approval on July 4, 2017, aimed at ligning with the International Public Sector Accounting Standards (IPSAS) provisions on the Fixed Assets Accounting.

She said the project targets to assemble a detailed inventory of all federal government assets, determine their geographical locations, ownership, historical valuations, and legal status as well as develop a (computerized ) National Electronic Assets Register accessible in real-time. This will facilitate more effective tracking and management of by both the public and government officials.

She said tilll date, over 400 submissions on assets data have been received from MDAs, indicating active engagement in this initiative.

She also noted that the project’s success so far showcases a collective commitment to fostering a more efficient and accountable public sector.