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MDAs To Receive Sanctions over N39tn Liabilities -FG

Published

Wednesday, November 6, 2024 at 07:13 PM

Written by Franca Ozini Abaianyanri

MDAs To Receive Sanctions over N39tn Liabilities -FG

The Federal Government is cracking down on non-compliant Ministries, Departments, and Agencies (MDAs) to tackle Nigeria's whopping N39 trillion negative net asset balance.

According to Accountant-General of the Federation, Dr. Oluwatoyin Madein, sanctions will be imposed on MDAs that fail to comply with the establishment of a National Assets Register

He made this known in his speech at a one-day sensitisation workshop in Abuja, on Tuesday aimed at improving asset documentation among MDAs across Nigeria.

The sensitization workshop with the theme : “Legacy Assets Rendition and Preparation of Stand-Alone Financial Statements by MDAs,” had in attendance the gathering of finance directors and other senior financial officers in the country, where discussions on strategies for accurately cataloguing the nation’s assets were been made.

The Accountant General explained that Nigeria’s apparent surplus of liabilities over assets stems from lack of well gathered data on federal assets.

“Consequently, we still have huge negative net assets in our 2021 consolidated financial statements which stood at N39tn,” she said.

Despite adopting the International Public Sector Accounting Standards accrual basis in 2016, a lot of assets remain unrecorded, leading to the reported N39tn negative net asset in the 2021 consolidated financial statements as shown in records.

Madein announced that the National Assets Register will document all government-owned assets, from buildings and land to roads, hospitals, schools, and equipment.

Edited By: Chinedu Eze

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MDAs To Receive Sanctions over N39tn Liabilities -FG

The Federal Government is cracking down on non-compliant Ministries, Departments, and Agencies (MDAs) to tackle Nigeria's whopping N39 trillion negative net asset balance.

According to Accountant-General of the Federation, Dr. Oluwatoyin Madein, sanctions will be imposed on MDAs that fail to comply with the establishment of a National Assets Register

He made this known in his speech at a one-day sensitisation workshop in Abuja, on Tuesday aimed at improving asset documentation among MDAs across Nigeria.

The Accountant General explained that Nigeria’s apparent surplus of liabilities over assets stems from lack of well gathered data on federal assets.

“Consequently, we still have huge negative net assets in our 2021 consolidated financial statements which stood at N39tn,” she said.

Despite adopting the International Public Sector Accounting Standards accrual basis in 2016, a lot of assets remain unrecorded, leading to the reported N39tn negative net asset in the 2021 consolidated financial statements as shown in records.

Madein announced that the National Assets Register will document all government-owned assets, from buildings and land to roads, hospitals, schools, and equipment.

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