The Lagos State Government has unveiled plans to significantly expand its revenue base through comprehensive asset identification, valuation, and monetisation, with a target of generating ₦4.44 trillion to fund the 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 held under the theme, “Valuation of LASG Fixed Assets for International Public Sector Accounting Standards (IPSAS) Compliance.”
Ogunleye said persistent gaps in land use records and property documentation were limiting the state’s revenue potential, stressing the need for a statewide capture of all land, property, and infrastructure assets.
According to him, decentralising valuation responsibilities to all administrative divisions and introducing modest combined valuation fees-potentially as low as ₦5,000 per asset, could unlock substantial revenue.
“These measures can collectively push Lagos beyond the ₦4.44 trillion revenue threshold required to effectively fund the 2026 budget,” he said.
The commissioner also identified neglected billboards as a largely untapped revenue source, estimating their potential to generate up to ₦10 trillion annually if properly regulated and monetised.
Ogunleye noted that Lagos’ transition to IPSAS represents a fundamental shift from cash-based accounting to an asset-driven fiscal framework, guided by IPSAS 17 standards on property, plant, and equipment.
Earlier, the Commissioner for Finance, Abayomi Oluyomi, reaffirmed the state’s commitment to fiscal discipline, transparency, and accountability.
Oluyomi said Lagos was the first state in Nigeria to adopt accrual-based IPSAS, a move that has improved financial reporting, strengthened decision-making, and enhanced investor confidence.
Also speaking, the Head of Service, Bode Agoro, described the valuation of infrastructure assets as a critical milestone for good governance and long-term fiscal sustainability.
Agoro, represented by the Permanent Secretary (Finance), Tajudeen Mahmud, said accurate asset valuation would support informed policy decisions, maintenance planning, and full IPSAS compliance.
The Director of LASVO, Adekunle Awolaja, presented a paper titled “LASVO: A Look at the Past, Present and Future,” highlighting technological innovations aimed at improving valuation efficiency.
A consultant, Ayodele Oladapo, also spoke on “Professional Collaboration in the Valuation of Public Sector Assets,” emphasising the importance of timelines, ethical standards, and target-driven delivery.
Other stakeholders at the forum called for stronger inter-agency collaboration, increased use of technology, and improved professional ethics to enhance asset management and optimise revenue generation across Lagos State.
Participants were drawn from ministries overseeing the built environment, finance, transportation, and other key sectors.
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