The
Federal Government (FG) at the weekend, launched an Asset Tracking and
Management Project (ATMProject), to enable it locate, identify, assess and
evaluate all its moveable and immoveable assets, nationwide held by Federal
Ministries, Departments and Agencies (MDAs), reports ITRealms.
The
Minister of Finance, Mrs. Kemi Adeosun, disclosed this, saying that similarly,
a Central Asset Register has been created and domiciled in the Federal Ministry
of Finance for recording the actual quantity, value, condition and location of
all the capital assets belonging to the Federal Government.
Under
the International Public Sector reporting Standard (IPSAS), she said, the
Government is expected to record both its assets and liabilities.
“For
the first time a central and Unified National Database of Assets ( Asset
Register) would be generated and maintained for the purpose of recording,
tracking and managing the huge investments in capital assets owned by
Government,” the Minister explained.
The
Assets Tracking and Management Project and the creation of the Assets Register
were new initiatives of the Federal Ministry of Finance designed to enhance
accountability, promote transparency and deepen efficiency in line with the
change agenda of the Administration of President Muhammadu Buhari.
“The
Asset Tracking exercise and Register will make planning and control easier and improve
accountability for assets. With the increased allocation to capital expenditure
to 30%, it is important that all assets are recorded and accounted for. Where
disposals occur, they must be in line with the laid down procedures and must be
transparent,” she said
The
Asset Register would afford the Government to know and monitor in real time
online information on the inventory of Government Assets.
A
Project Coordinator has been appointed by the Minister for the immediate take-off
of the Asset Tracking and Management Project and the creation of the first
Central Asset Register for the Federal Government.
In
further confirmation, Director of Information in the ministry of Finance, Mr. Salisu Na’inna Dambatta,
said a circular signed by the Minister of Finance has been dispatched to all
Federal Ministries, Departments and Agencies (MDAs) requesting their Accounting
Officers to prepare an inventory of all
fixed assets held as at 31st December 2016, to facilitate physical verification by
the Project Team.
The
circular further requested all heads of MDAs “to ensure that any assets held by
current and former staff are fully accounted for. In this regard, you may find it necessary to
contact any former staff and /or political office holders to avail them the
opportunity to return relevant assets in their possession.”
The
circular emphasised that “all inventory records submitted will be cross-checked
to capital releases and project account purchases to ensure completeness. Where
assets have been sold or otherwise disposed of, they must be recorded with
supporting authorization for sale and evidence of payment, where applicable.”
The
Circular drew the attention of Heads of MDAs to Chapter 26 of the Financial
Regulations, with regards to disposals of assets and warned that “any asset not
accessible for physical inspection and not disposed of in accordance with
financial requirements will be deemed to have been illegally withheld or
converted. Please record such assets so as to enable the investigative agencies
to be notified.”
The
records of the assets disposed of should cover the last five years and all
accounting officers of the MDAs were to submit their reports not later than
three weeks from the date of receipt of the circular.
It
could be recalled that the Independent Corrupt Practices Commission (ICPC)
delivered 40 vehicles to the Federal Ministry of Water Resources which it
recovered from some retired Directors of the Ministry; and also the Economic
and Financial Crimes Commission (EFCC) announced the recovery of 40 Sports
Utility Vehicles from a retired
Permanent Secretary who served in the
Federal Ministry of Power.
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