The Lagos State Valuation Office (LASVO) has announced the commencement of a comprehensive statewide valuation of all government-owned infrastructural assets. The exercise is scheduled to begin this week.

This was disclosed during a meeting at the LASVO office in Alausa, where the Director, Esv. Dr. Adekunle Awolaja, received the project’s Lead Consultant, Esv. Ayoola Oladapo, and other members of the consulting team were appointed to execute the assignment.

Speaking further at the meeting, Dr. Awolaja explained that the infrastructure assets valuation constitutes the eighth phase of Lagos State’s implementation of the International Public Sector Accounting Standards (IPSAS) on an accrual basis, a reform initiative the State has consistently pursued since 2016.

According to him, the valuation exercise is designed to ensure that all public infrastructure assets owned by the Lagos State Government are properly identified, measured, documented, and reported in line with international accounting and valuation standards.

“All data generated from this exercise will be captured and uploaded to a centralised Lagos State Government assets database,” Dr. Awolaja stated. “Lagos State remains a trailblazer and, to the best of our knowledge, the only state in Nigeria to have undertaken such an extensive and structured valuation of public infrastructure assets.”

He identified key stakeholder Ministries, Departments and Agencies (MDAs) for the exercise, including the Ministry of Infrastructure, the Ministry of Energy and Mineral Resources, the Ministry of Waterfront Infrastructure Development, and the Lagos Metropolitan Area Transport Authority (LAMATA).

The primary objective is to ascertain the total worth of all public infrastructure in Lagos State, Awolaja explained, adding that the valuation exercise is crucial for determining accurate insurance values and enhancing the state’s capacity for financial planning and asset management.

He highlighted the vast scope of the exercise, noting that assets include over 279 roads currently under construction by the state government, along with numerous jetties, canals, and bridges.

In his words, “Lagos State has a history of pioneering financial reforms in Nigeria, notably being the first sub-national government to adopt the accrual basis of IPSAS for its financial reporting. The shift from traditional cash-based accounting to a comprehensive accrual system aligns the state with global best practices in public financial management.

“This valuation is critical for determining accurate insurance values, strengthening asset management practices, improving financial planning, and enhancing transparency and accountability in public sector financial reporting. It will also provide a reliable basis for informed decision-making, budgeting, and long-term infrastructure sustainability”.

The Director of LASVO thanked the entire citizenry of Lagos while enjoining the general public to give the required assistance and cooperation to the team in having a seamless and effective exercise.

In his remarks, the Lead Consultant, ESV. Ayoola Oladapo, thanked the Lagos State Government for entrusting his team with the critical assignment. He reiterated the team’s commitment to delivering a thorough and accurate valuation in line with the project’s timeline and objectives.