The Lagos State Valuation Office (LASVO) has announced the commencement of a comprehensive statewide valuation of all government-owned infrastructural assets, beginning this week.
Eko Hot News reports that the disclosure was made at LASVO headquarters in Alausa, where the Director, Esv. Dr Adekunle Awolaja received the project’s Lead Consultant, Esv. Ayoola Oladapo and members of the consulting team were appointed for the assignment.
Dr Awolaja explained that the exercise represents 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 pursued since 2016.
He noted that the valuation will ensure all public infrastructure assets are properly identified, measured, documented, and reported in line with international accounting and valuation standards.
According to him, data generated from the exercise will be uploaded to a centralised Lagos State Government assets database to enhance transparency and accountability.
Dr Awolaja described Lagos as a trailblazer in financial reforms, stating that it remains the only state in Nigeria to undertake such an extensive valuation of public infrastructure assets.
Key stakeholder Ministries, Departments and Agencies involved include the Ministry of Infrastructure, Ministry of Energy and Mineral Resources, Ministry of Waterfront Infrastructure Development, and the Lagos Metropolitan Area Transport Authority (LAMATA).
He said the primary objective is to determine the total worth of public infrastructure across the state and establish accurate insurance values.
The scope covers over 279 roads under construction, as well as jetties, canals, and bridges statewide.
Dr Awolaja added that the valuation will strengthen asset management, improve financial planning, and support informed budgeting decisions.
He urged residents to cooperate with the consulting team to ensure a seamless and successful exercise.
