HOUSE OF REPRESENTATIVES PROPOSES NATIONAL PUBLIC ASSETS MANAGEMENT COMMISSION TO OVERSEE FEDERAL PROPERTIES

Proposed legislation seeks to establish a centralized registry, tighten rules on public asset sales, and mandate annual compliance reports to the National Assembly

The House of Representatives has introduced a legislative proposal to establish the National Public Assets Management Commission, aimed at creating a centralized framework for the registration, valuation, management, and disposal of all Federal Government assets.

The proposed legislation responds to long-standing concerns over unrecorded federal properties, unauthorized asset disposals, and inadequate management of public investments. If passed, the bill will mandate common standards for custodial institutions across ministries, departments, and agencies (MDAs) to ensure uniform accountability and transparent record-keeping.

Under the draft law, custodial institutions will be required to maintain comprehensive digital inventories of physical, financial, and intangible assets, subject to periodic valuation and oversight by the new commission. The bill also outlines stringent guidelines governing the sale or lease of federal properties, establishing explicit procedures to prevent illegal conversions and undervaluation in asset liquidations. Furthermore, it mandates the submission of annual public asset reports to the National Assembly while preserving the constitutional auditing mandate of the Auditor-General for the Federation.

Legislative sponsors noted that establishing a unified central oversight agency will eliminate institutional overlaps, safeguard national infrastructure, and maximize monetary returns on public assets. The bill is scheduled for further committee review and legislative debate before the green chamber.