In a revelation that sheds light on Nigeria’s fiscal challenges, Dr. Armstrong Katang, the Chief Executive Officer of the Ministry of Finance Incorporated (MOFI), underscored the detrimental impact of inadequate government asset management on the country’s revenue. The disclosure took place at the Fourth Quarter Public-Private Partnership Units Consultative Forum Meeting in Abuja, where Kemi Owonubi, Executive Director of MOFI, represented Katang.
According to Katang, MOFI’s core mandate includes the identification, enumeration, and optimization of the Federal Government’s assets. Emphasizing the need for public-private partnerships as a catalyst for Nigeria’s development, Katang highlighted the crucial, yet underexplored, aspect of optimizing the value of government assets. He noted that ineffective management in this area has significantly contributed to Nigeria’s revenue challenges.
“If we had effectively optimized the value of government assets, we might have mitigated some of our prevailing revenue issues. It’s a journey that will require time, but with unwavering commitment from all stakeholders, we can navigate this path to success,” Katang articulated.
The stark reality of Nigeria’s economic landscape is exemplified by the staggering budget deficit of N11.34 trillion in the 2023 budget. Furthermore, the nation is grappling with an eye-watering external domestic debt, which stood at N87.38 trillion in the second quarter of this year.
As Nigeria confronts these economic hurdles, the imperative for strategic and efficient management of government assets emerges as a linchpin for sustainable fiscal growth. The revelation from Dr. Katang not only underscores the criticality of this issue but also serves as a clarion call for concerted efforts toward optimizing the nation’s valuable assets.
In the quest to navigate Nigeria’s fiscal challenges, unlocking the full potential of government assets stands as an indispensable milestone on the path to economic resurgence and enduring financial stability.
