LASVO Begins Statewide Valuation of Public Infrastructure Assets

The Lagos State Valuation Office (LASVO) has commenced a comprehensive statewide valuation of government-owned infrastructure assets as part of its financial reform initiatives. The exercise marks the eighth phase of the state’s adoption of IPSAS on an accrual basis.

Director of LASVO, ESV. Dr. Adekunle Awolaja, said the exercise aims to properly identify, measure, and document public assets in line with international standards. Data generated will be uploaded to a centralised government assets database.

The valuation covers roads, bridges, canals, jetties, and other infrastructure, including over 279 roads under construction. Key stakeholder MDAs will collaborate to ensure accurate reporting.

Dr. Awolaja stated that the exercise would strengthen insurance valuation, financial planning, transparency, and accountability in public sector management.

The Lead Consultant, ESV. Ayoola Oladapo, pledged to deliver a thorough and accurate valuation, reinforcing Lagos State’s leadership in public financial reform and infrastructure management.