Nigerian government creates assets register

The Nigerian Government has launched an Asset Tracking and Management Project through which it would locate, identify, assess and evaluate all its moveable and immovable assets.

The Minister of Finance, Mrs Kemi Adeosun said in a statement, that a Central Asset Register would be created to realize this objective.

According to Adeosun, the register will be domiciled at the Federal Ministry of Finance for recording the actual quantity, value, condition and location of all the capital assets of the federal government.

The minister said the register is “designed to enhance accountability, promote transparency and deepen efficiency”. adding that “the asset tracking exercise and register will make planning and control easier and improve accountability for assets.”

She said that now that there is an increase in the ” allocation of capital expenditure to 30 per cent, it was important that all assets are recorded and accounted forwhere disposals occur, they must be in line with the laid down procedures and must be transparent.

She said a project coordinator would be appointed for the immediate take-off of the Asset Tracking and Management Project and the creation of the first Central Asset Register for the federal government.

Adeosun noted that a circular had been dispatched to all Federal Ministries, Departments and Agencies (MDAs) for accounting officers to actualise the objective.

She said the circular directed accounting officers to prepare an inventory of all fixed assets held as at Dec. 31, 2016, to facilitate physical verification by the project team and asking that all “assets held by current and former staff are fully accounted for.”

“In this regard, you may find it necessary to contact any former staff or political office holders to avail them the opportunity to return relevant assets in their possession,” she said.

According to the minister, the Ministry will look at the records of the assets disposed of over the last five years instructing that “where assets have been sold or otherwise disposed of, they must be recorded with supporting authorisation for sale and evidence of payment, where applicable.”

She said that all accounting officers of the MDAs were expected to submit reports not later than three weeks from the date of receipt of the circular.

Adeosun said that the initiative was in line with the International Public Sector Reporting Standard (IPSAS) where government was expected to record its assets and liabilities.

In the renewed fight against corruption, the Independent Corrupt Practices Commission (ICPC) recently recovered 40 vehicles from some retired directors of the Federal Ministry of Water Resources.

Similarly, the Economic and Financial Crimes Commission (EFCC) also announced the recovery of 40 Sports Utility Vehicles from a retired Permanent Secretary who served in the Federal Ministry of Power.

Source: Voice of Nigeria