FG Creates Database For Tracking All Its National Assets

[caption id="attachment_17296" align="alignnone" width="699"]Mrs Kemi Adeosun, Minister of Finance[/caption]

The Federal Government says it will be creating a database known as the Asset Tracking and Management Project (ATMProject) to help track and manage all its national assets.

This new innovation, occasioned by the need for the Federal Government to to locate, identify, assess and evaluate all its movable and immovable assets, was initiated by the Federal Ministry of Finance.

While announcing the new initiative, the Minister of Finance, Mrs. Kemi Adeosun, said that the ATMProject will enhance accountability, promote transparency and deepen efficiency of the President Muhammadu Buhari-led administration.

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In a statement by the Ministry’s Information Director, Salisu Na’inna Dambatta, the Minister said that a Central Asset Register would be created further to help the ministry keep track of actual quantity, value, condition and location of all the capital assets owned by the Federal Government.

“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,” the Minister explained.

“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,” she said.

Adeosun has since appointed a Project Coordinator who would ensure the immediate take-off of the ATMProject.

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The Minister has also ordered Accounting Officers in all Federal Ministries, Departments and Agencies (MDAs) to prepare an inventory of all fixed assets held as at 31st December 2016.

This will aid the Project Team carry out a physical verification of all assets tracked.

The Minister further 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 authorization for sale and evidence of payment, where applicable.”

“Any asset not accessible for physical inspection and not disposed of in accordance with financial requirements will be deemed to have been illegally withheld or converted. Please record such assets so as to enable the investigative agencies to be notified,” the circular noted the Heads of MDAs.

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