House of Representatives Proposes New Asset Management Commission

The House of Representatives is proposing the establishment of the National Public Assets Management Commission to oversee the registration, valuation, management, and disposal of Federal Government assets. The proposed legislation, introduced on the floor of the House, requires public institutions to register their assets in a central database and disclose existing debts.

Sponsored by Lagos lawmakers Ademorin Kuye and Lanre Okunlola, the National Public Assets Management Commission Bill, 2026, aims to address management gaps by creating a single authority for asset coordination. The bill stipulates that the commission's authority will prevail over existing laws governing asset management by various institutions, which will retain their responsibilities but must operate within the commission's framework.

The commission will have the power to demand asset inventories, inspect records, and issue directives. A key feature is the establishment of a National Public Assets Register to serve as an authoritative database for government property, including details like location, ownership, and financial obligations.