The House of Representatives is seeking the establishment of the National Public Assets Management Commission with authority to oversee the registration, valuation, management and disposal of Federal Government assets, including those held by ministries, agencies and government-owned enterprises.
The proposed legislation, introduced on the floor of the House on Tuesday, would require public institutions to register their assets in a central national database, disclose existing debts and other claims against them, and obtain the commission’s approval before undertaking transactions involving the sale, lease, concession or disposal of public property.
Sponsored by Lagos lawmakers, Ademorin Kuye and Lanre Okunlola, the National Public Assets Management Commission Bill, 2026, is designed to address gaps in the management of public assets by establishing a single authority to coordinate records and monitor their value, condition and utilisation.
A copy of the bill exclusively obtained by The PUNCH reveals that the proposed law provides that the commission’s authority should prevail “where its provisions conflict with existing laws governing asset management by institutions such as the Ministry of Finance Incorporated, the Bureau of Public Enterprises, the Asset Management Corporation of Nigeria and the Nigeria Sovereign Investment Authority.
Under the proposed arrangement, these institutions would retain their specialised statutory responsibilities but would be required to operate “within the commission’s registration, valuation, reporting and approval framework.”
Section 16 empowers the commission to “demand complete asset inventories from government institutions, inspect their premises and records, issue binding directives to address non-compliance and refer persistent violations to the President and the National Assembly.”
The bill provides that the commission’s directives would take precedence over contrary instructions, policies or internal rules issued by the institutions concerned.
It also makes clear that the proposed commission would not “directly sell or dispose of government property,” as such transactions would remain the responsibility of the relevant custodians, subject to the commission’s prior approval and oversight.
A major feature of the proposed legislation is the establishment of a National Public Assets Register, which would serve as the authoritative database for Federal Government property and investments.
The register would contain information including the location, ownership, acquisition cost, current value, condition, maintenance history, legal status, revenue generated and outstanding financial obligations associated with each asset.
The commission would also assign every registered asset a unique public asset identification number to enable its tracking throughout its useful life.
According to the bill, existing public institutions would be required to submit complete inventories of their assets within 12 months of the law’s commencement, while newly acquired assets would have to be registered within 90 days of acquisition, completion, transfer of ownership or assumption of control.
The proposed register is expected to incorporate “digital documentation, geographical information systems, electronic title records, photographs, valuation reports and transaction histories.”
Section 25 provides for public access to non-sensitive information through an online portal, although information relating to national security, defence, intelligence and protected commercial interests could be withheld.
The commission would also publish an annual state of public assets report showing the total value of federal assets, the financial obligations attached to them and their net unencumbered value.
Under the bill, every covered institution would be required to certify annually that its asset records were complete and accurate.
Sale, disposal conditions
The legislation also proposes stricter conditions for the sale, leasing, concession and monetisation of public assets, requiring independent valuation, competitive processes, value-for-money assessments and consideration of the public interest before transactions can proceed.
Section 77 specifically provides that “no public asset should be disposed of below its independently assessed market value except where the law expressly permits an exception.”
Material terms of monetisation contracts would also be disclosed through a public asset transaction portal, subject to restrictions necessary to protect legally classified information.
