Reps Order Investigation Into Federal Gov’t Asset Management

The House of Representatives has directed its Committee on Public Assets to launch a comprehensive investigation into the management of public assets by various Ministries, Departments, and Agencies (MDAs) of the Nigerian government.

This directive was the outcome of a motion presented by Rep. Esosa Iyawe (LP-Edo) during the Tuesday plenary in Abuja. Iyawe stressed the necessity for the Federal Government to maintain accurate records of its assets to ensure economic sustainability. He highlighted concerns regarding uncertainties about the actual assets owned by the government and emphasised the economic losses incurred due to improper documentation.

The House concurred with the motion, urging the Ministry of Finance and the Nigerian Institute of Estate Surveyors and Valuers to conduct a thorough enumeration and valuation of all public assets. Additionally, it mandated the Ministry of Finance to publish a detailed inventory of these assets in a register accessible to the public.

Furthermore, the Committees on Finance and Public Assets were charged with ensuring compliance and conducting investigations into the management of assets by MDAs. This investigative step aims to promote accountability, dispel uncertainties surrounding Federal Government-owned assets, and curb economic losses for the country.

The House of Representatives reconvened after a two-week adjournment to address critical national matters, notably stressing the valuation of public assets in Nigeria to drive economic growth and governance accountability.

Iyawe highlighted the pivotal role of valuing and managing public assets, especially in real estate and government-owned entities. Such valuation processes are essential for financial reporting, privatisation, and effective asset management strategies, critical for Nigeria’s economic development.

The House’s decisive actions, including comprehensive asset valuation and rigorous investigations by the Committee on Public Assets, reflect a significant move towards ensuring transparency, averting economic losses, and securing the economic sustainability of Nigeria’s public sector.

In addition to asset valuation discussions, the House is set to deliberate on crucial motions and bills spanning maritime security, police service recommendations, education service delivery, infrastructure development, and community connectivity.

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