By Àkànní Olúwaségún Michael
The Lagos State Government has disclosed that its ongoing public asset valuation programme generated a fair value of N3.43 trillion in 2025, as the state intensified reforms aimed at improving transparency, public finance management, and investor confidence.
The Commissioner for Finance, Mr Abayomi Oluyomi, revealed this on Friday during a ministerial briefing in Alausa, Ikeja, where he outlined progress recorded in procurement digitisation and state asset valuation.
According to the commissioner, the valuation exercise forms part of Lagos’ implementation of the International Public Sector Accounting Standards aimed at strengthening accountability and ensuring proper documentation of government-owned assets.
Oluyomi stated that cumulative asset valuation since the state adopted IPSAS in 2016 has now risen to N7.59 trillion, reflecting the growing scale of public infrastructure and institutional assets captured in government records.
He explained that the 2025 Phase VIII valuation exercise covered major infrastructure assets including roads, bridges, culverts, walkways, the Ministry of Energy and Mineral Resources, Waterfront Infrastructure Development, and the Lagos Metropolitan Area Transport Authority.
The commissioner added that the valuation programme has also expanded to government hospitals, healthcare centres, schools, water corporations, environmental agencies, and several state-owned enterprises.
Oluyomi also disclosed that the Lagos State Public Procurement Agency onboarded 10 additional ministries, departments, and agencies onto the e-Government Procurement platform between 2025 and 2026, bringing the total number of MDAs on the platform to 169.
He said the agency processed 6,590 approval requests and conducted post-procurement reviews for 161 MDAs as part of efforts to improve compliance with procurement regulations and strengthen spending efficiency.
According to him, the agency monitored 252 capital projects statewide to ensure adherence to contract specifications and quality standards.
The procurement portal also registered 1,791 service providers, 1,431 goods vendors, and 1,394 contractors during the review period.
Among institutions captured in the exercise are IBILE Oil and Gas, IBILE Holdings, the J. Randle Centre for Yoruba Culture and History, the Public Works Corporation, and the Imota Rice Mill.
