The Accountant-General of the Federation, Mrs. Oluwatoyin Madein, emphasized the importance of tracking and valuing Federal Government assets as a vital step toward ensuring accountability. Speaking with reporters on Tuesday in Abuja, she underscored that proper asset management forms the backbone of national integrity and financial transparency.
Madein’s remarks came during the Asset Tracking and Management Programme organized by the Office of the Accountant-General of the Federation (OAGF). She highlighted that the Federal Government has invested heavily in acquiring, constructing, and maintaining various assets, which represent the true value of the country.
“Currently, Nigeria has about N32 trillion in negative net assets, typically recorded as liabilities,” Madein stated, pointing to the nation’s fiscal challenges. She also explained that since the adoption of International Public Sector Accounting Standards (IPSAS) in 2017, the inclusion of asset valuation in Nigeria’s annual financial statements has become mandatory, shaping public sector accounting practices in the country.
According to her, legacy assets—those acquired or constructed before IPSAS implementation—must also be accounted for to accurately reflect Nigeria’s financial position. The ongoing inability to collate and value Federal Government assets, she said, contributes to the country’s net liabilities, as liabilities overshadow assets.
In response to these challenges, Madein reported that stakeholders are now working toward developing a national asset register. This register aims to catalog all Federal Government assets, including buildings, offices, schools, hospitals, roads, equipment, and biological assets. She noted that a transparent and comprehensive assets register would not only bolster accountability but also attract the confidence of investors, donors, and international partners by presenting an accurate financial representation in annual statements.
As the Federal Government’s treasury office, the OAGF is responsible for consolidating financial data, which culminates in the preparation of financial statements.
