The House of Representatives has advocated for the need for a public asset register for the purpose of transparency and accountability in the country.
This was contained in a release by the Chairman, House Committee on Public Asset, Hon Ademorin Kuye during a retreat titled, “Guardians of public trust: Transforming public assets oversight and legislation”.
Kuye, who is representing Somolu Federal Constituency believes these assets are highly underutilised and is hindering optimal use.
His words: “We gather here with a shared recognition of the challenges that have long impeded the optimal management of our public assets.
“The journey we embark upon today is marked by a collective resolve to navigate these challenges, to instigate change, and to set forth a pathway that leads to sustainable growth and prosperity”.
The lawmaker clamoured for a complete overhaul of Nigeria’s asset documentation system, hence, the need for an asset register.
“Our mission lies the crucial task of overhauling our asset documentation systems. We’ve witnessed how inadequate records have led to significant financial losses, a gap in our national accounting that we can no longer afford.
“It’s time to move towards a future where every asset is meticulously recorded, its value and potential fully acknowledged”, he said.
While proffering solutions, Kuye reiterated the need for insurance policies covering public assets to be given attention they merit, ensuring that they reflect true value and effectively mitigate risks.
According to him, it is a key step in safeguarding the country’s assets against unforeseen circumstances.
He also harped on the importance of rigorous oversight of the Ministries, Departments and Agencies (MDAs) in charge of public assets to ensure they operate with utmost efficiency and in full compliance with established regulations.
Speaking further, Kuye reiterated the importance of maintaining a comprehensive asset register which will serve as the foundation of understanding of government assets, both domestically and internationally, stressing that it is a tool that will bring clarity and transparency to the country’s operations.
“The scope of our oversight also stretches beyond our borders, keeping a vigilant eye on international investments. These investments must be managed to yield optimal returns, contributing significantly to our national financial health.
“Let’s keep in mind the profound impact of our decisions and strategies. Together, let us pave the way for a future where public asset management is synonymous with integrity, innovation, and prosperity”, he added.
