In a move aimed at improving transparency and accountability in asset management, the federal government has launched a National Electronic Asset Register to centralize the tracking and management of public assets.
Unveiled in Abuja by the Office of the Accountant General of the Federation (OAGF), the digital platform will serve as a central repository for all government-owned assets, providing real-time updates and ensuring accessibility for decision-makers. The initiative is expected to curb asset mismanagement, support data-driven policymaking, and facilitate public-private partnerships (PPPs).
Outgoing Accountant General of the Federation, Oluwatoyin Madein, described the initiative as a transformative step toward more effective governance. She noted that the system would enable better asset utilization, potentially unlocking new revenue streams while reinforcing financial transparency.
All Ministries, Departments, and Agencies (MDAs), as well as Government-Owned Enterprises (GOEs), are now mandated to upload their asset data onto the platform. This ensures a systematic and accountable record of government properties, aligning with international financial reporting standards.
Madein emphasized that the register is not just about current asset management but securing long-term value through proper maintenance, replacement, and disposal strategies. The initiative, she added, will enhance compliance with International Public Sector Accounting Standards (IPSAS) and aid in policy formulation, budgeting, and planning.
At the launch event, Minister of State for Finance, Doris Uzoka-Anite, highlighted the register’s role in capturing government assets across different MDAs, making them more visible and efficiently utilized. She noted that it would contribute to debt sustainability efforts, reducing the need for excessive borrowing.
The event also saw the unveiling of a compendium detailing the Federation Account revenue allocations to federal, state, and local governments from January 2020 to December 2023, reinforcing the government’s commitment to financial transparency.
Mbat Josephine, Acting Director of Asset Tracking and Management at OAGF, stated that the Asset Tracking and Management Project (ATMP) was initiated in line with IPSAS provisions on fixed asset accounting. Since its approval in 2017, the project has received over 400 submissions from MDAs, demonstrating strong engagement in the effort to enhance public sector accountability.
