Economic losses: Reps mandate MOFI to conduct comprehensive enumeration, valuation of public assets in Nigeria
The House of Representatives has directed the Ministry of Finance Incorporated (MOFI) and the Nigerian Institute of Estate Surveyors and Valuers (NIESV) to conduct a thorough enumeration and valuation of all public assets in the Country.
The lower chamber recognized the critical importance of valuing and managing public assets for the country’s economic health and accountability.
The valuation of these assets, which include real estate and government-owned companies, the house has said is key for a variety of purposes such as financial reporting, privatization, and asset management.
Speaking on the point of order, Hon Esosa Iyawe, member representing the Oredo Federal Constituency of Edo State, 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. Given the vast potential of the Federal Government’s assets, efficient management could generate significant revenue streams, contributing to the funding of government budgets,” he noted.
Concerns have been raised about the current state of asset management. Reports indicate uncertainty regarding the actual assets owned by the Federal Government, with some assets reportedly unknown or non-existent. This lack of clarity and attention to asset valuation has led to substantial economic losses for the country, coupled with inadequate documentation by various Ministries, Departments, and Agencies.
In response to these challenges, the House has taken decisive steps directing: “The Ministry of Finance Incorporated (MOFI) and the Nigerian Institute of Estate Surveyors and Valuers (NIESV) are urged to conduct a thorough enumeration and valuation of all public assets. The outcome should be a detailed inventory accessible to the public.
“The Committee on Public Assets is 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.”
The house noted this initiative marks a significant move towards achieving optimal returns on investments, reducing liabilities, and ensuring the economic sustainability of Nigeria’s public sector.
