AGF unveils national electronic asset register

The Federal Government has launched the National Electronic Assets Register, a digital platform aimed at tracking and managing government-owned assets across ministries, departments, and agencies.

The initiative is expected to enhance transparency and accountability in public asset management while aligning with global financial reporting standards.

The Accountant-General of the Federation, Mrs Oluwatoyin Madein, while speaking at the launch on Thursday in Abuja, said that the platform is 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,” she said. “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 highlighted that for decades, Nigeria had lacked a consolidated record of its assets, which had created gaps in financial reporting.

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,” she added.

The AGF also announced the launch of the Compendium of Federation Account Revenue, a comprehensive record of historical revenue allocations that were distributed among the three tiers of government from January 2020 to December 2023

She emphasised that there is always a demand for federation allocation records even after it was published on monthly basis after FAAC meetings.

The Minister of State for Finance, Doris Uzoka-Anite, appreciated the Office of the Accountant-General for making sure that the project was completed.

She said, “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.”

The Minister emphasised that the register would provide a clearer picture of the country’s financial standing and also leverage the record to secure funding for development projects
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.

“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.