Reps propose commission to track, manage FG assets

The House of Representatives in Nigeria has proposed the establishment of the National Public Assets Management Commission, with the aim of overseeing the registration, valuation, management, and disposal of Federal Government assets. The proposed legislation, introduced by lawmakers from Lagos, seeks to address gaps in the management of public assets by creating a single authority to coordinate records and monitor their value, condition, and utilization.

The bill requires public institutions to register their assets in a central national database, disclose existing debts and other claims against them, and obtain the commission's approval before undertaking transactions involving the sale, lease, concession, or disposal of public property. The proposed commission would have the authority to demand complete asset inventories from government institutions, inspect their premises and records, issue binding directives to address non-compliance, and refer persistent violations to the President and the National Assembly.

Brief written by urgent.news from Punch Nigeria's own syndicated text. Machine-written — may contain errors; check the original before relying on it.