Nigeria: FG launches National Electronic Assets Register to boost transparency, accountability
The Federal Government of Nigeria has launched the National Electronic Assets Register to enhance transparency in the management of public funds and improve the tracking and accessibility of national assets.
Speaking at the official launch on Thursday, the Accountant General of the Federation, Dr. Oluwatoyin Madein, explained that the initiative was designed to ensure that public funds and assets are managed in the most transparent and accountable manner.
In addition to launching the register, the Accountant General of the Federation unveiled a comprehensive compendium on Federation Account revenue allocation to the three tiers of government from January 2020 to December 2023.
Madein emphasized that for any government, public assets are a significant part of its balance sheet, influencing not just its financial position but also its ability to deliver services to citizens.
She explained that the National Electronic Assets Register is designed to provide real-time access to information about assets owned by the federal government.
According to her, “The digital registry will increase transparency and will serve as a central point where the public, policymakers, and government agencies can access and track the nation’s assets.
“This is the first time that this national asset register will be put together and digitally driven.
“For those of us in the finance and accounts sector of our MDAs, we are all aware that we have had an asset tracking and management project that commenced almost seven years ago. We have done a lot, but mostly manually. However, we have now transformed this process into a digital system.”
Meanwhile, the Minister of State for Finance, Doris Uzoka, commended the Accountant General for undertaking the huge task of completing the register, which has been in the making since 2016.
She said, “It’s actually a huge task. It’s not a small feat. And I want to commend the Office of the Accountant General for achieving this and seeing it to completion.”
Uzoka, however, corroborated the importance of having a good balance sheet, stating that both public and private entities must maintain one.
“We know we have a lot of assets, but they are locked away in different places, recorded in different books across various agencies, with no single balance sheet or financial statement that can truly reflect the country’s financial health,” she added.
