The Lagos State government plans to expand its revenue base by fully identifying, valuing and monetising public assets to generate N4.44 trillion for its 2026 budget.

The commissioner for energy and mineral resources, Biodun Ogunleye, disclosed this on Friday in Ikeja at a stakeholders’ forum organised by the Lagos State Valuation Office (LASVO).

The forum was with the theme, ‘Valuation of LASG Fixed Assets for International Public Sector Accounting Standards (IPSAS) Compliance’.

Mr Ogunleye said gaps in land use records and property documentation were limiting revenue, stressing that all land, property and infrastructure assets must be captured statewide.

He said assigning valuation tasks to all divisions and charging combined fees as low as N5,000 on assets could significantly boost state revenue.

According to him, these measures would enable Lagos to cross the N4.44 trillion threshold needed to fund the 2026 budget.

The commissioner also identified neglected billboards as a potential N10 trillion annual revenue source, urging innovative strategies to curb leakages.

Mr Ogunleye said Lagos’ transition to IPSAS marked a shift from cash-based accounting to an asset-driven fiscal framework guided by IPSAS 17 standards.

Earlier, the commissioner for finance, Abayomi Oluyomi, reaffirmed Lagos’ commitment to fiscal responsibility, transparency and accountability.

Mr Oluyomi said Lagos was Nigeria’s first state to adopt accrual-based IPSAS, enhancing accountability, decision-making and investor confidence.

The Head of Service, Bode Agoro, described infrastructure asset valuation as a milestone for good governance and fiscal sustainability.

Mr Agoro, represented by permanent secretary (Finance), Tajudeen Mahmud, said it would support informed decisions, maintenance planning and IPSAS compliance.

The director of LASVO, Adekunle Awolaja, spoke on ‘LASVO: A Look at the Past, Present and Future’, highlighting technological innovations.

Consultant Ayodele Oladapo spoke on ‘Professional Collaboration in the Valuation of Public Sector Assets’, stressing timelines and target delivery.

Other stakeholders called for stronger collaboration, ethical standards and technology adoption to improve asset management and revenue optimisation.

Participants were drawn from built environment, financial services and transportation ministries across the state. 

(NAN)