The House of Representatives has advocated for the need for a public asset register in the country for transparency and accountability purposes.
This was stated by the Chairman of the House Committee on Public Asset during a retreat titled “Guardians of Public Trust: Transforming Public Asset Oversight and Legislation.”
The Chairman, Hon. Ademorin Kuye, believes that public assets are being underutilized and that this is hindering the country’s economic growth.
“We gather here with a shared recognition of the challenges that have long impeded the optimal management of our public assets,” he said. “The journey we embark upon today is marked by a collective resolve to navigate these challenges, to instigate change, and to set forth a pathway that leads to sustainable growth and prosperity.”
He also called for a complete overhaul of the country’s asset documentation system, which is why he believes that a public asset register is necessary.
“Our mission lies in the crucial task of overhauling our asset documentation systems,” he said. “We have seen how inadequate records have led to significant financial losses, a gap in our national accounting that we can no longer afford. It is time to move towards a future where every asset is meticulously recorded, its value and potential fully acknowledged.”
In addition to creating a public asset register, Kuye also called for:
- Improved insurance coverage for public assets
- Rigorous oversight of the ministries, departments, and agencies (MDAs) that manage public assets
- Enhanced oversight of international investments
“Together, let us pave the way for a future where public asset management is synonymous with integrity, innovation, and prosperity,” he said.
