The Federal Government on Thursday launched the National Electronic Assets Register, a digital platform aimed at tracking and managing government-owned assets across ministries, departments, and agencies.
The initiative, spearheaded by the Office of the Accountant-General of the Federation, is expected to enhance transparency and accountability in public asset management while aligning with global financial reporting standards.
Speaking at the launch in Abuja, the Accountant-General of the Federation, Mrs Oluwatoyin Madein, described the platform as a transformative step towards better financial management.
“We are here not just to witness the launch of a digital system but to also be put through a few steps for the use of this initiative.
“It’s a journey of transforming the way we manage public resources, essential for the sustainability of our nation’s finances and the integrity of our financial systems,’’ she said.
She highlighted that for decades, Nigeria had lacked a consolidated record of its assets, which had created gaps in financial reporting.
“For the longest time, we have operated without a single balance sheet that truly reflects the financial health of our country. The financial statement of government always ends in negative liability, not because we lack assets, but because they have not been properly documented,” she said.
Madein explained that while assets acquired since 2016 had been recorded in the government’s financial system, many older assets had remained unaccounted for.
“This is the first time that this National Asset Register will be put together and digitally driven,” she said. “With this platform, we can now consolidate all government assets, including infrastructure, military facilities, biological reserves, and even mineral resources, into one comprehensive database.”
The Minister of State for Finance, Doris Uzoka-Anite, commended the Office of the Accountant-General for ensuring the completion of the long-standing project.
“The assets registry has been in the making since 2016. It has taken a while, but under the tenure of the current Accountant-General, it has finally come to completion,” she said.
She emphasised that the register would provide a clearer picture of the country’s financial standing and create opportunities for economic growth.
“For too long, our financial records have only reflected liabilities, but this register will allow us to quantify our assets, value them, and include them in our balance sheet. This is critical for improving our debt sustainability and attracting foreign investment,” she said.
Uzoka-Anite added that with a proper record of government assets, Nigeria could leverage them to secure funding for development projects.
“Once you have land in this country with a secure title, it becomes an asset that can be leveraged. The same applies to government-owned properties and resources. With this register, we can now make projections, manage our balance sheet, and even raise funds through asset-backed financial instruments,” she added.
Providing an update on the project, the Acting Director of Asset Tracking and Management at the OAGF, Mrs Mbat Josephine, revealed that over 400 submissions of asset data had already been received from MDAs.
“The launch of the National Electronic Asset Register signifies just the beginning. This platform will function as a central repository of all government assets, ensuring real-time updates and complete transparency,” she said.
“It will not only facilitate tracking and management but also equip decision-makers with the necessary tools for data-driven asset management, privatisation, and public-private partnerships,” she added.
Josephine stressed that the initiative aligns with international financial reporting standards and would strengthen public financial management.
“This initiative represents a collective commitment to fostering a more efficient and accountable public sector. I am confident we are on the right track to realising our goals,” she said.