Nigeria’s National Electronic Assets Register to Drive Investments, Transparency, Says Uzoka-Anite

Dr. Doris Uzoka-Anite, the Minister of State for Finance, announced that the National Electronic Assets Register (NEAR) will significantly improve Nigeria’s capacity to attract funding from development partners and creditors. This digital initiative aims to increase transparency and offer real-time access to information on government-owned assets…….READ MORE

Key Points:

• Uzoka-Anite stated that the register will address debt sustainability challenges and improve Nigeria’s fiscal position by allowing better tracking and recording of assets.
• Dr. Oluwatoyin Madein, the Accountant General of the Federation (AGF), emphasized that the initiative marks a major milestone in Nigeria’s commitment to financial accountability and efficient asset management.

Main Benefits of NEAR:

• Improved Transparency: NEAR provides public access to the federal government’s Property, Plant, and Equipment (PPE) in real-time.
• Asset Management: It will enable better tracking of assets and help to leverage the country’s fixed assets to unlock investments.
• Debt Sustainability: By tracking and reporting on assets, the register will help mitigate the country’s negative asset position and improve fiscal health.

Challenges Addressed:

• Historical Gaps: The register aims to address the longstanding issue of Nigeria not having a comprehensive balance sheet since independence.
• Delayed Asset Reporting: Ministries, Departments, and Agencies (MDAs) had caused delays in asset rendition, leading to a negative net asset position of ₦39 trillion in 2021.

Public Accountability and Trust:

• The AGF stressed that real-time access to asset data would foster greater accountability, preventing mismanagement, fraud, and corruption. Public access to this information is crucial for holding the government accountable for its assets.

FAAC Compendium:

• Alongside NEAR, a compendium of Federation Account Allocation was launched, covering disbursements from January 2020 to December 2023. This serves as a crucial tool for policymakers, researchers, and citizens interested in understanding government financial distributions.

Future Impact:

• Uzoka-Anite and Madein highlighted that NEAR would serve as a transformative tool for Nigeria’s financial systems and improve the nation’s financial standing with international creditors, fostering economic growth and investor confidence.