The House of Representatives Committee on Public Assets on Tuesday vowed to recover assets belonging to the nation acquired through mismanagement.
The committee’s Chairman, Ademorin Kuye, stated this in Abuja at a one-day retreat organised by the panel on the theme, “Guardian of Public Trust: Transforming Public Assets Oversight and Legislation.”
“We gather here with a shared recognition of the challenges that have long impeded the optimal management of our public assets,” he said
Kuye said the journey they embarked 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.
He said that in the heart of their mission lies the crucial task of overhauling their asset documentation systems.
He said they have witnessed how inadequate records have led to significant financial losses, a gap in national accounting that they can no longer afford.
He furthermore said it’s time to move towards a future where every asset is meticulously recorded, its value and potential fully acknowledged.
He said this endeavor leads them to the untapped potential lying dormant within their underused assets.
“Picture these assets as hidden treasures, merely awaiting the right strategy to transform into vital cogs contributing to their economic machinery and growth,” he said
Kuye said through rigorous audits and strategic planning, they will unlock their potential, channeling their latent value back into the economy.
He said their efforts go beyond mere management; they extend to ensuring that their public assets significantly contribute to the national Gross Domestic Product (GDP).
“Insurance policies covering public assets will be given the attention they merit, ensuring that they reflect true value and effectively mitigate risks,” he said
He said this is a key step in safeguarding their assets against unforeseen circumstances.
“We stand firm in our commitment to enforce sanctions on Ministries, Departments and Agencies (MDAs) that deviate from the set regulations,” he added
He said aligned with the Federal House of Representatives’ agenda, they will not shy away from sanctioning agencies responsible for abandoned or unapproved projects.
He stated that this is part of their broader goal to re-engineer their economy through efficient asset management.
In her part the executive director Ministry of Finance Incorporated (MOFI) Oluwakemi Babalogbon emphasised the need for legislative framework for the management and disposal of public asset in Nigeria.
She said the discussion shed light on the country’s struggle in effectively managing public assets due to the absence of a unified legal structure.
She emphasised the essence of asset management, defined as the process of coordinating diverse organizational resources to augment their value.
“Startling statistics unveiled during the presentation from the MOFI revealed that a staggering two-thirds of the world’s assets are, in fact, public assets,” she said
She said in the context of Nigeria, this translates to a substantial portion of assets being owned by the federal government.
Babalogbon said examining the statistics of assets within the country, it became evident that at least two-thirds of these assets are in possession of the federal government.
