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From Ndubuisi Orji, Abuja
House of Representatives has resolved to probe the management of public assets by Ministries, Departments and MDAs, so as to clear doubts about the ownership of the asset and prevent further economic losses.
Consequently, the House mandated its Committee on Public Assets to undertake the probe anc report back to it for further legislative actions.
Also, the Green chamber charged 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, and make a detailed inventory available to the public.
According the House, these resolutions, which followed the adoption of a motion by Esosa Iyawe, on need for enumeration and valuation of public assets, is aimed at achieving optimal returns on investments and reducing liabilities, amongst others.
Iyawe, in his motion, stated that the valuation of public assets, which include real estate and government-owned companies, is imperative the purposes of financial reporting, privatization, and asset management.
The lawmaker, who said there have been concerns about the current state of asset management of public assets in the country, stated understanding the worth of the assets is imperative in assessing the country’s economic growth and 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.
” 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, ” Iyawe noted.
