Public Accounts Committee tours NRZ

Judith Phiri [email protected]
THE Public Accounts Committee conducted a verification visit to the National Railways of Zimbabwe (NRZ) mechanical workshops and training centre in Bulawayo, as the parastatal is undergoing a significant revitalisation effort.

NRZ is one of the state-owned enterprises under the Mutapa Investment Fund portfolio which had been relegated to the ‘corporate graveyards’ and is currently undergoing transformation for its revival.
Mutapa is the country’s sovereign wealth fund, established by an Act of Parliament. It is a strategic investment arm of the Government, which was capitalised with shares in selected state-owned enterprises and investments to transform, revive and strengthen the performance of these entities.
The fund manages a broad portfolio of companies from different sectors of the economy, divided into clusters including mineral resources, energy and trading, information communication technology, transport and logistics, agriculture and industries, financial services, as well as real estate.
Giving opening remarks before the tour, Public Accounts Committee chairperson, Marondera Central Member of Parliament Caston Matewu said NRZ revival was critical.

“We want to see NRZ back on its feet again, restored to its rightful place as a backbone of our economy. I am sure you have all seen the massive road rehabilitation projects happening across the country.
“But let us be honest, those roads will not last if heavy goods continue to be transported by road. They will not last if NRZ is not functional. That is why it is so important for us to see NRZ prosper, to see it fully operational and to see it playing its part in national development,” he said.
He said the Auditor General’s reports have highlighted several issues at NRZ which include weak receivables and payables management, exposing the entity to bad debts and distorted financial positions.
Matewu said there was also obsolete inventory inflating asset values without proper valuation or disposal, long-standing weaknesses in property and lease management, with some joint ventures failing to remit revenue for decades.
“These findings underscore why entities under the Mutapa Investment Fund must submit timely and credible financial statements for audit. Without audited accounts, Parliament cannot assure the nation that public resources are safeguarded. Furthermore, as Zimbabwe implements the International Public Sector Accounting Standards, IPSAS, asset valuation becomes critical.”
He said accurate valuation ensures compliance with global standards, strengthens governance and builds investor confidence.

Matewu said there was need to work hand in hand with management to ensure that reforms are implemented, systems are modernised and that NRZ contributes meaningfully to national development.
He added: “Parliament, as the custodian of the people’s trust, carries three fundamental roles. First, we make laws that shape the destiny of our nation. Second, we represent the voices and aspirations of citizens in every decision. And third, we exercise oversight over the use of public resources.”
Matewu said within this framework, the Public Accounts Committee stands as an ex-post committee.
While their duty was to analyse what has already happened, to examine the accounts laid before Parliament, and to ensure that public funds are managed with transparency and accountability.