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By Samaila Emmanuel Bzugu
Nigeria’s negative public assets have hit a staggering N33 trillion, according to the Accountant General of the Federation, Dr. Oluwatoyin Sakirat Madein. This revelation came during a sensitization workshop in Abuja, where Dr. Madein emphasized that this figure represents the country’s net liability.
Dr. Madein clarified that the Office of the Accountant General of the Federation is responsible for compiling financial information, which ultimately leads to the preparation of annual financial statements. A crucial part of this process involves valuing assets, which are then included in the financial statements.
A crucial part of this process involves valuing assets, which are then included in the financial statements
Currently, the federal government is working to collate the value of Nigeria’s national assets. To achieve this, Dr. Madein urged participants at the workshop to submit an inventory of assets by December 24, 2024. This inventory will be evaluated and incorporated into the financial statements.
Dr. Madein’s announcement highlights the need for transparency and accountability in Nigeria’s financial management. As the country navigates its economic challenges, accurate asset valuation and financial reporting are crucial for informed decision-making.
