The federal government has set up an Asset Tracking and Management Project, ATMProject, through which it hopes to locate, identify, assess and evaluate all its moveable and immoveable assets. Kemi Adeosun, minister of Finance, diaclosed that a Central Asset Register would be 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, the federal 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,” said Adeosun.
The Assets Tracking and Management Project and the creation of the Assets Register are designed to enhance accountability, promote transparency and deepen efficiency in line with the change agenda of the federal government. “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,” Adeosun further explained.
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. Adeosun has since directed all Federal Ministries, Departments and Agencies, MDAs, to prepare an inventory of all fixed assets held as at 31st December 2016, to facilitate physical verification by the Project Team.