Uzoka-Anite: National Electronic Assets Register Will Boost Nigeria’s Rating with Creditors, Unlock Investments, Others

•FG committed to transparency, accountability, efficient asset management, says AGF

James Emejo in Abuja

Minister of State for Finance, Dr. Doris Uzoka-Anite, yesterday, said the National Electronic Assets Register (NEAR) will improve the country’s capacity to access funding from development partners and creditors, as they would see it as a “going concern and place to invest”.

The register is expected to boost transparency and provide real-time access to information about assets owned by the federal government.

Uzoka-Anite said the register, which was long overdue, would also help to address debt sustainability issues.

Accountant General of the Federation (AGF), Dr. Oluwatoyin Madein, also described the register as a milestone in the federal government’s commitment to transparency, financial accountability, and efficient asset management.

Madein stated that the initiative will provide real-time public access to the federal government’s Property, Plant, and Equipment (PPE).

Uzoka-Anite and Madein spoke in Abuja at the official launch of the National Electronic Assets Register (NEAR) and a compendium of Federation Account Revenue Allocation: Federal, States, and Local Governments in Nigeria.

Uzoka-Anite lamented that 65 years after independence, the country was yet to produce a good balance sheet, and had been reporting huge negative assets.

She said though Nigeria had quality assets, it was difficult to trace and record them to better gauge the true health of the country.

But Uzoka-Anite said the advent of NEAR will ensure that assets were adequately tracked and recorded. She said this would further boost the country’s fiscal position by improving liquidity inflows and unlocking more investments into the country by leveraging its fixed asset.

The minister also commended the AGF for choosing to have a record of Federation Account Allocation Committee (FAAC) disbursements published so that it would be readily accessible to data users.

Madein said the launch of the register was not only a digital initiative, but also a  “journey of transforming the way we manage public resources, a journey that is essential for the sustainability of our nation’s finances and the integrity of our financial systems”.

She said, “This initiative aligns with the federal government’s commitment to ensuring that the management of public funds and assets is carried out in the most transparent and accountable manner.”

Madein stated that assets remained the backbone of any economy, adding that for any government, public assets are a significant part of its balance sheet, influencing not just the financial position but also its ability to deliver services to the citizens.

She said, “The importance of transparency in asset management cannot be overstated. It ensures that we know what assets we own, where they are located, and how they are being used. This is not just an accounting exercise; it is a matter of public trust.

“The National Electronic Assets Register is designed to give real-time access to information about the assets owned by the Federal Government of Nigeria.

“This digital registry will increase transparency and will serve as a central point where the public, policy makers, and government agencies can access and track the nation’s assets.

“By doing so, we are fostering greater accountability, which is essential to prevent mismanagement, fraud, and corruption.”

The AGF also said, “When citizens can see how public assets are being managed, they can hold their government accountable. Whether it is infrastructure, equipment, or other forms of public property, every asset must be accounted for.

“This register is a step toward ensuring that the government’s assets are being put to the best use for the benefit of the Nigerian people.”

On the FAAC publication, the AGF disclosed that the compendium took account of disbursements from January 2020 to December 2023.

She said the compendium was a testament to her office’s commitment to transparency and accountability in the management of its finances.

Madein said, “It provides a detailed breakdown of the revenue allocation to the three tiers of government serves as a vital tool for policymakers, researchers, students, national and state assemblies and the public.

“The Constitution of the Federal Republic of Nigeria, Section 162, stipulates that all federally collected revenues should be paid to the Federation Account monthly and shared to the three tiers of governments and the revenue components are made up of oil and non-oil revenues.”

According to her, the compendium provides a comprehensive analysis of the revenue allocation to the federal, states, and local governments, including detailed tables, charts, and graphs that illustrate the trends and patterns in revenge allocation.

“A similar compilation was made 1999 to 2019. This publication is a follow-up to the effort of the earlier editions,” she explained.

Madein decried the slow pace of legacy asset rendition by Ministries, Departments, and Agencies (MDAs), which had negatively affected the federal government’s fiscal position.

She said the delay had resulted in huge negative net assets of N39 trillion in its 2021 Consolidated Financial Statements.

A negative net asset position implies that total liabilities exceed total assets.