The Federal Government has directed the management of the Ministry of Finance Incorporated ( MOFI) to submit a roadmap for the remuneration and valuation of all FGN assets within and outside Nigeria with milestones and timelines.
The directive was in line with global standards, in which the federal government’s assets are fundamental resources for economic development.
Minister of State Finance Doris Uzoka-Anite gave the directive in her office when she received a high-level delegation from MOFI, led by its Managing Director, Armstrong Ume Takang.
The directive was contained in a statement issued by the Director of Information in the ministry, Mohammed Manga.
The Minister tasked the MOFI team to optimize the management of government assets.
She observed that globally, government assets are fundamental resources that, when effectively managed, can significantly contribute to the economic development of countries, generate revenues, and enhance public service delivery.
She said effective public assets management is crucial for unlocking substantial economic potential worldwide.
“Countries like Australia, the United Kingdom, and Singapore have implemented robust Assets Management policies that integrate financial management, assets life cycle management, and strategic planning,” she said.
As part of strategic alignment and value delivery, the Minister called on MOFI to ensure transparency and accountability in its operation in order to deliver value to Nigerians in alignment with its core mandate.
This, she added, will enable it to act as a trusted custodian and active manager of the Federal Government Asset.
Uzoka-Anite further called on MOFI to come out with strategies that will economically impact the lives of Nigerians, especially in the area of job creation, and also ensure effective diversification of its investments across different industries, sectors and asset classes to enhance resilience.
The Minister emphasized the need for MOFI to partner and collaborate with other Ministries, Departments and Agencies (MDAs) of the Federal Government as well as world fund bodies in order to function more effectively.
Speaking earlier, the Managing Director of MOFI, Armstrong Ume Takang, emphasized the organization’s commitment to transparency and accountability.
He revealed that MOFI has developed strategic plans to optimize assets management, including collaborations with other Ministries, Departments, and Agencies (MDAs) to drive economic growth and job creation.
Takang also highlighted MOFI’s focus on diversifying investments across various industries and asset classes to enhance resilience and ensure sustainable economic development.
