The Federal Government has officially launched the National Electronic Assets Register, a digital platform designed to track and manage assets owned by government ministries, departments, and agencies.
The initiative, led by the Office of the Accountant-General of the Federation, aims to improve transparency, accountability, and efficiency in the administration of public assets while aligning with global financial reporting standards.
Speaking at the launch event in Abuja, the Accountant-General of the Federation, Mrs. Oluwatoyin Madein, described the platform as a significant step toward strengthening financial management across government institutions.
“We are here not just to witness the launch of a digital system but to also be put through a few steps for the use of this initiative. It’s a journey of transforming the way we manage public resources, essential for the sustainability of our nation’s finances and the integrity of our financial systems,” she stated.
Mrs. Madein noted that for decades, Nigeria had lacked a centralized asset register, which had created inconsistencies in financial reporting.
“For the longest time, we have operated without a single balance sheet that truly reflects the financial health of our country. The financial statement of government always ends in negative liability, not because we lack assets, but because they have not been properly documented,” she explained.
She further revealed that while assets acquired since 2016 had been integrated into the government’s financial system, many older assets remained undocumented.
“This is the first time that this National Asset Register will be put together and digitally driven. With this platform, we can now consolidate all government assets, including infrastructure, military facilities, biological reserves, and even mineral resources, into one comprehensive database,” she added.
The Minister of State for Finance, Doris Uzoka-Anite, praised the OAGF for bringing the long-standing project to fruition.
“The assets registry has been in the making since 2016. It has taken a while, but under the tenure of the current Accountant-General, it has finally come to completion,” she said.
She emphasized that the register would enhance financial accountability, provide a clearer picture of Nigeria’s economic standing, and open new opportunities for growth.
“For too long, our financial records have only reflected liabilities, but this register will allow us to quantify our assets, value them, and include them in our balance sheet. This is critical for improving our debt sustainability and attracting foreign investment,” she stated.
Uzoka-Anite also highlighted how the system could help the country leverage government assets for funding development projects.
“Once you have land in this country with a secure title, it becomes an asset that can be leveraged. The same applies to government-owned properties and resources. With this register, we can now make projections, manage our balance sheet, and even raise funds through asset-backed financial instruments,” she added.
Providing an update on the project’s progress, Acting Director of Asset Tracking and Management at the OAGF, Mrs. Mbat Josephine, disclosed that over 400 asset data submissions had already been received from MDAs.
“The launch of the National Electronic Asset Register signifies just the beginning. This platform will function as a central repository of all government assets, ensuring real-time updates and complete transparency,” she noted.
According to Josephine, the initiative is expected to streamline asset tracking and management while supporting policymakers with data-driven insights for decision-making, privatization efforts, and public-private partnerships.
“It will not only facilitate tracking and management but also equip decision-makers with the necessary tools for data-driven asset management, privatisation, and public-private partnerships,” she explained.
She concluded by stating that the platform aligns with international financial reporting standards, reinforcing efforts to enhance public financial management.
“This initiative represents a collective commitment to fostering a more efficient and accountable public sector. I am confident we are on the right track to realising our goals,” she said.
With the National Electronic Assets Register now operational, Nigeria takes a significant step toward modernizing public asset management and improving financial transparency across all government institutions.
