All Standing Committees in the House of Representatives have been mandated to exercise their oversight functions in investigating the moveable assets of Ministries, Departments and Agencies (MDAs) from 2010 to date. This came after legislators at the House plenary on Tuesday, 4 July 2017 highlighted concerns over failures of MDA’s in accounting for their assets or maintaining adequate book keeping/records of assets as required by paragraphs 2106 and 2128 of the 2009 Federal Republic of Nigeria Financial Regulations.

During discussions, it was noted that it had become common practice for MDAs to make yearly provisions for the purchase of assets such as project vehicles, computers, earth moving equipment, in their Bills of Quantity and that they do not give account of these assets. In addition, members observed that those assets are usually never purchased or accounted for, and in most cases, the costs are deducted from final payment to contractors without any of the assets being traced, thus accounting for losses to the Federal Government of over two (2) Trillion Naira in the last five years. Other related concerns expressed include about the practice of disposing assets without due process and the failure to pay the revenues amounting to over N50 Billion accruing from them into Government coffers.

The House of Representatives was also of the opinion that failure to check these nefarious activities could further encourage corruption and revenue leakages.

The House resolved that all standing committees should investigate all movable assets of their various MDAs from 2010 to date and report back in twelve (12) weeks for further legislative action.