Federal government laugh asset tracking platform

The Federal Government has launched an
Asset Tracking and Management Project
(ATM Project) to locate, identify, assess
and evaluate all its moveable and
immoveable assets domiciled at various
ministries, departments and agencies
(MDAs).
Minister of Finance, Mrs. Kemi Adeosun,
who made the disclosure in Abuja at the
weekend, said the initiative would be
backed by a Central Asset Register
(CAR) to be kept at the ministry for
recording the actual quantity, value,
condition and location of all the capital
assets belonging to the Federal
Government.
According to her, 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.
“These are 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 per cent, 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 minister added that the CAR would
afford the government to know and
monitor in real time online information on
the inventory of government assets.
A project coordinator, Adeosun said, has
been appointed for the immediate take-
off of the ATM Project and the creation
of the first CAR for the Federal
Government.
Meanwhile, a circular by the minister has
been sent to all MDAs requesting their
accounting officers to prepare an
inventory of all fixed assets held as at
December 31, 2016, to facilitate physical
verification by the project team.
The circular 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: “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 authorisation
for sale and evidence of payment, where
applicable.”

Share

Leave a Reply

Your email address will not be published.