The Lagos State Government says it generated assets worth over ₦3.43 trillion in 2025 through its ongoing valuation exercise, as it intensified efforts to strengthen financial transparency, procurement efficiency and asset management across ministries, departments and agencies (MDAs).

The Commissioner for Finance, Mr Abayomi Oluyomi, disclosed this on Friday during a ministerial press briefing in Alausa, Ikeja, where he highlighted major achievements recorded in procurement management and valuation of government assets.

Oluyomi said the Lagos State Public Procurement Agency deepened its digital transformation drive by onboarding an additional 10 MDAs onto the e-Government Procurement platform, bringing the total number of agencies on the system to 169 between 2025 and 2026.

According to him, the agency processed 6,590 approval requests and conducted post-procurement reviews for 161 MDAs to ensure compliance with procurement laws and improve spending efficiency across government institutions.

He added that the agency monitored 252 capital projects statewide to ensure strict adherence to contract specifications and quality standards.

The agency also registered 1,791 service providers, 1,431 goods vendors and 1,394 contractors on the digitised procurement portal.

Speaking on asset valuation, Oluyomi said the Lagos State Valuation Office continued implementing the International Public Sector Accounting Standards (IPSAS) to accurately capture and determine the fair value of public assets owned by the state government.

He explained that the 2025 Phase VIII valuation exercise covered major infrastructure and public institutions, including roads, bridges, culverts, walkways, the Ministry of Energy and Mineral Resources, Waterfront Infrastructure Development and the Lagos Metropolitan Area Transport Authority (LAMATA).

According to the commissioner, the exercise generated a fair value of ₦3.432 trillion in 2025 alone, while cumulative asset valuation since Lagos adopted IPSAS in 2016 has risen to ₦7.59 trillion.

Oluyomi said the valuation programme was critical to strengthening transparency, improving public asset accountability and supporting better financial planning for the state.

He noted that the state had expanded the valuation programme over the years to include government-owned hospitals, primary healthcare centres, educational institutions, water corporations, environmental agencies and other key public infrastructure.

The commissioner further disclosed that the state undertook verification and barcode tagging of government assets within the Alausa Secretariat as part of efforts to improve tracking, reduce losses and establish a reliable asset register for public financial management.

Among other institutions captured in the valuation exercise are IBILE Oil and Gas, IBILE Holdings, J Randle Centre for Yoruba Culture and History, the Public Works Corporation, Imota Rice Mill and several education districts across the state.

Oluyomi maintained that the procurement and valuation reforms formed part of the broader strategy of the Babajide Sanwo-Olu administration to promote accountability, safeguard public resources and strengthen investor confidence in Lagos’ financial management system.

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