FG’s N38.3 Trillion Assets Under Audit — MOFI Launches Registry, Scorecard to Boost Transparency

Ministry of Finance Incorporated (MOFI) has disclosed that the Federal Government's investment assets worth N38.3 trillion are currently undergoing an audit reform to enhance transparency, accountability, and corporate governance in public enterprises. MOFI CEO Armstrong Takang highlighted the lack of oversight on these assets and the need for a comprehensive digital asset registry to track their financial value and performance.

Takang emphasized that the absence of a strong corporate governance framework is the root cause of many public enterprise failures in Nigeria, with assets like Nigerian Airways, Ajaokuta Steel, and Delta Steel delivering zero value despite receiving billions in investments. MOFI is also launching a new scorecard to evaluate state-owned enterprises based on transparency, reporting, dividend payments, capital growth, liquidity, and community impact.

The goal is to shift Nigeria from poor governance to institutional excellence and ensure transparency in the valuation and remuneration of government assets. Minister of State for Finance, Doris, has directed MOFI to create a roadmap for this process.