Asset Tracking, Valuation, Essential For Accountability -AGF
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By Kadiri Abdulrahman
The Accountant- General of the Federation, Mrs Oluwatoyin Madein, says monitoring and valuation of all Federal Government belongings is important for accountability.
Madein stated this in an interview with newsmen on Tuesday in Abuja.
She spoke in opposition to the backdrop of the Asset Tracking and Management Programme organised by the Office of the Accountant-General of the Federation (OAGF).
According to Madein, asset is the actual bedrock of the nation, which must be correctly valued and accounted for.
“The Federal Government has been spending cash over time buying, setting up, and offering belongings. These belongings are the actual worth of the nation.
”Currently, Nigeria has about N32 trillion unfavorable internet asset that’s normally recorded as legal responsibility,” she stated.
She stated that for the reason that adoption of the International Public Sector Accounting Standards (IPSAS) in 2017, it turned crucial to incorporate the valuation of nationwide belongings within the annual monetary statements of the nation.
“This has influenced public sector accounting requirements in Nigeria and the strategic position of legacy belongings within the adoption of IPSAS.
”Legacy belongings check with current belongings acquired or constructed previous to the adoption of IPSAS in 2017.
”The incapacity to collate, consider, and place worth on the belongings of the Federal Government has consistently been throwing the monetary place of the nation into internet liabilities.
“This makes the liabilities of the Federal Government to be over and above its assets,” she stated.
She stated that the stakeholders had now agreed to construct a nationwide belongings register to accommodate all Federal Government belongings.
She listed the belongings to incorporate buildings, workplaces, colleges, hospitals, roads, tools, and even organic belongings.
“Investors, donors, and international organisations partnering with the Federal Government will like to see our true value as enumerate in our annual financial statement,” the AGF stated.
She described the OAGF because the treasury workplace of the Federal Government accountable for collating monetary info that results in the preparation of monetary statements.
She stated that together with the valuation of belongings within the annual monetary statements was one of many key values that the assertion is required to own. (NAN) (www.nannews.ng)
Edited by Ese E. Eniola Williams
