News

January 14, 2024

Better management of public assets can boost Nigeria’s economy – Surveyors

Coping with Sobowale’s expired ideas

*Endorses Reps initiative on Public Asset enumeration, Valuation

By Chioma Onuegbu Uyo

THE Nigerian Institution of Estate Surveyors and Valuers, NIESV, has said better management of public assets could generate substantial yields and boost the economy of the country.

The President of NIESV, and Chairman of the Council, Mr Johnbull Amayaevbo made this known while addressing a press conference  at the 3rd Statutory meeting of the Council held on Saturday January 13, 2024  in Uyo Akwa Ibom State capital.

 Amayaevbo, however, regretted that such public wealth was unaudited, unsupervised, often unregulated, and almost entirely unaccounted for in the country.

He, therefore, described the initiative of House of Representative through its Committee on Public Assets to embark on public asset enumeration and valuation as a healthy and welcome development.

His words: “As a professional organization and stakeholder in the nation’s polity, we are deeply concerned about the state of the economy particularly as it affects the average Nigerian. Better management of public assets can boost the economy.

“Value of public assets globally according to IMF is twice that of global stock markets, twice global GDP and much larger than public debt. Yet unlike listed equity assets, this public wealth is unaudited, unsupervised, often unregulated, and almost entirely unaccounted for in our country.

 “As a consequence, when formulating budgets, government largely ignore the assets we own and somehow do not recognize that such assets could generate substantial yields that would open up much-needed fiscal space, which could be used to kick-start economic recovery. 

 “Nigerian Institution of Estate Surveyors and Valuers regards the House of Representatives’ initiative through its Committee on Public Assets to embark on Public Asset enumeration and Valuation as well as development of asset register as a healthy and welcome development.

“The initiative would allow for prompt recovery of assets, valued in the trillions of naira, from stolen and dormant public assets both within and outside Nigeria. The vast array of public assets both domestically and internationally, tangible and intangible, within Nigeria and abroad would be optimally utilized for the benefit of Nigerians.

“As an advocate of good governance and dependable partner with the Federal and State Governments in policy formulation, Land Administration, Infrastructure and facility management for Public and Private Assets, property management, Housing and Project Development in general, we fully endorse this unprecedented approach to maintenance in the history of our country.

“We are also ready to partner with the government in the implementation of this well intentioned policy”

Amayaevbo stated that by virtue of  their training and expertise in valuation of properties and all assets for various purposes including Accounting (IPSAS), Insurance, Taxation, Asset Register, that they should be entrusted with the responsibility of enumeration and valuation of public assets at all levels, with recommendations on sales or redevelopment of such assets for investment maximization and transformation into engines of economic recovery and growth.

“Comprehensive enumeration and valuation of all public assets as well as publication of detailed inventory of the assets in a register must be made available to the public.The need to take this route is now – if not now, when?”, he queried.