The Federal Government has committed to addressing the negative net assets reported in its 2021 consolidated financial statements, which currently stand at N39 trillion.
To resolve this issue, the Accountant-General has directed Ministries, Departments, and Agencies (MDAs) to submit an inventory of assets by December 31, in order to evaluate and incorporate them into the government’s financial statements. Dr. Madein emphasized the importance of proper legacy asset management, noting that slow reporting by MDAs has hindered the accuracy and timeliness of financial statements.
The management and proper cataloguing of these legacy assets is viewed as a potential tool for strengthening the government’s fiscal position and alleviating budgetary pressures. By unlocking the dormant value of these long-term resources, the government could generate revenue from underperforming assets, which can be used for debt servicing and easing fiscal challenges.
Additionally, the initiative aims to foster accountability among public officials, promote proper maintenance of assets, and stimulate economic activity, potentially leading to job creation.
CREDIT: Allneeds, THE NATION
RELATED POSTS:
No products in the cart.