Nigeria’s negative public assets now N33trn, says accountant general

The Accountant General of the Federation, Dr Oluwatoyin Sakirat Madein, has put Nigeria’s negative net assets at N33 trillion, adding that the federal government is currently in the process of collating the value of the country’s national assets. She stated this Tuesday in Abuja at a one-day sensitisation workshop on Assets Rendition and Preparation of […]

The Accountant General of the Federation, Dr Oluwatoyin Sakirat Madein, has put Nigeria’s negative net assets at N33 trillion, adding that the federal government is currently in the process of collating the value of the country’s national assets.

She stated this Tuesday in Abuja at a one-day sensitisation workshop on Assets Rendition and Preparation of Stand-Alone Financial Statements by Ministries, Departments and Agencies of Government.

Madein said, “In terms of liability, currently, Nigeria has about N33 trillion that is negative net assets. However that is net liability, which we have been compiling,”

She noted that the Office of the Accountant General of the Federation collates financial information which leads to the preparation of annual financial statements and part of the process is the valuation of assets which is included in the annual financial statements.

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Speaking further, the AGF noted that “Currently, the Office is in the process of collating the national assets that the federal government owns. And that is exactly why we are here; to discuss more on how to do it and achieve that before the end of the year

“So, it is expected that after this workshop, we will all go back and submit the inventory of assets, which will be evaluated and placed in the financial statement on or before December 24, 2024,” she stated.