Illegal Sale Of Asset: FG Initiates Assets Register 

By Ikenga Chronicles March 6, 2017

The Minister of Finance, Kemi Adeosun revealed that the Federal Government has initiated an Asset Tracking and Management Project (ATM Project) to help locate, identify, assess and evaluate all its moveable and immoveable assets at various Ministries, Departments and aAencies (MDAs).

Adeosun, at the weekend, said the initiative would be backed by a Central Asset Register (CAR) to be kept at the ministry for recording the actual quantity, value, condition and location of all the capital assets belonging to the Federal Government.

She noted that under the International Public Sector Reporting Standard (IPSAS), the Federal Government would record both its assets and liabilities.

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“For the first time, a central and unified national database of assets (Asset Register) would be generated and maintained for the purpose of recording, tracking and managing the huge investments in capital assets owned by government.”

“These are new initiatives of the Federal Ministry of Finance designed to enhance accountability, promote transparency and deepen efficiency in line with the change agenda of the administration of President Muhammadu Buhari.”

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“The asset tracking exercise and register will make planning and control easier and improve accountability for assets. With the increased allocation to capital expenditure to 30 percent, it is important that all assets are recorded and accounted for. Where disposals occur, they must be in line with the laid down procedures and must be transparent,” she said.

The minister added that the CAR would afford the government to know and monitor in real time online information on the inventory of government assets with a project coordinator appointed for the ATM project.

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To this effect, , a circular by the minister has been sent to all MDAs requesting their accounting officers to prepare an inventory of all fixed assets held as at December 31, 2016, to facilitate physical verification by the project team.

The circular requested all heads of MDAs “to ensure that any assets held by current and former staff are fully accounted for. In this regard, you may find it necessary to contact any former staff and/or political office holders to avail them the opportunity to return relevant assets in their possession”

“All inventory records submitted will be cross-checked to capital releases and project account purchases to ensure completeness. Where assets have been sold or otherwise disposed of, they must be recorded with supporting authorisation for sale and evidence of payment, where applicable.”

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