Asset tracking, valuation, crucial for accountability -AGF
By Kadiri Abdulrahman
The Accountant- General of the Federation, Mrs Oluwatoyin Madein, says tracking and valuation of all Federal Government assets is necessary for accountability.
Madein said this in an interview with newsmen on Tuesday in Abuja.
She spoke against the backdrop of the Asset Tracking and Management Programme organised by the Office of the Accountant-General of the Federation (OAGF).
According to Madein, asset is the real bedrock of the nation, which needs to be properly valued and accounted for.
“The Federal Government has been spending money over time acquiring, constructing, and providing assets. These assets are the real value of the country.
”Currently, Nigeria has about N32 trillion negative net asset that is usually recorded as liability,” she said.
She said that since the adoption of the International Public Sector Accounting Standards (IPSAS) in 2017, it became imperative to include the valuation of national assets in the annual financial statements of the country.
“This has influenced public sector accounting standards in Nigeria and the strategic role of legacy assets in the adoption of IPSAS.
”Legacy assets refer to existing assets acquired or constructed prior to the adoption of IPSAS in 2017.
”The inability to collate, evaluate, and place value on the assets of the Federal Government has constantly been throwing the financial position of the country into net liabilities.
“This makes the liabilities of the Federal Government to be over and above its assets,” she said.
She said that the stakeholders had now agreed to build a national assets register to accommodate all Federal Government assets.
She listed the assets to include buildings, offices, schools, hospitals, roads, equipment, and even biological assets.
“Investors, donors, and international organisations partnering with the Federal Government will like to see our true value as enumerate in our annual financial statement,” the AGF said.
She described the OAGF as the treasury office of the Federal Government responsible for collating financial information that leads to the preparation of financial statements.
She said that including the valuation of assets in the annual financial statements was one of the key values that the statement is required to possess. (NAN) (www.nannews.ng)
Edited by Ese E. Eniola Williams
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