The Federal Authorities has launched a nationwide digital register to provide real-time entry to details about the property owned by the federal government to draw extra investments to the nation.
The digital registry is supposed to extend transparency and function a central level the place the nation’s property could be assessed and tracked.
The Accountant Common of the Federation, Dr Oluwatoyin Madein, in a keynote deal with on the launch which additionally featured the disclosing of a compendium of the FAAC allocations to the three ties of presidency from 2020 to 2023, mentioned the launch is a milestone within the journey of remodeling the way in which the nation manages its public assets.
She mentioned the journey is important for the sustainability and integrity of the nation’s funds and monetary methods.
“This initiative aligns with the Federal Authorities’s dedication to making sure that public funds and property are managed in essentially the most clear and accountable method,” she mentioned.
Madein mentioned when residents can see how public property are being managed; they’ll maintain their authorities accountable.
“Whether or not it’s infrastructure, tools, or different types of public property, each asset have to be accounted for,” she mentioned, including that the register is a step towards guaranteeing that the federal government’s property are being put to one of the best use for the advantage of the Nigerian individuals.
She mentioned real-time entry to correct information would help in coverage formulation, budgeting and planning.“By having a transparent understanding of the property we personal and their circumstances, we are able to make extra knowledgeable selections about easy methods to allocate assets, handle investments, and even pursue privatisation or public-private partnerships (PPPs) for underutilised property,” she mentioned.
The outgoing Accountant Common mentioned the launch of the Nationwide Digital Property Register can be a dedication to worldwide requirements. She mentioned the Federal Authorities of Nigeria’s adoption of the Worldwide Monetary Reporting Requirements (IFRS) and the Worldwide Public Sector Accounting Requirements (IPSAS) for public sector accounting can be enormously supported by the presence of the digital register.
“This aligns us with greatest practices worldwide, serving to us not solely to enhance the administration of our public property but additionally to reinforce the credibility and integrity of our monetary statements,” she mentioned.
On the compendium of FAAC allocations to federal, state and native governments from 2020 to 2023, the AGF mentioned it’s a testomony to the dedication of her workplace to transparency and accountability within the administration of the nation’s funds.
She mentioned it supplies an in depth breakdown of the income allocation to the three tiers of presidency and serves as an important software for policymakers, researchers, college students, nationwide and state assemblies and most of the people.
Performing the official unveiling of the compendium, Minister of State Finance, Doris Uzoka-Aniete, counseled the Accountant Common for her dedication to enthroning transparency and accountability.
Talking particularly on the digital asset register, the minister mentioned it’s a essential doc that can give the true worth of the nation and open it up for native and international investments.
