The Lagos State Government has released its second transitional International Public Sector Accounting Standards (IPSAS) financial statements for last year.
The statements chronicle the state’s financial activities during the period.
The Accountant-General/Permanent Secretary inm the State Treasury Office, Mrs. Abimbola Umar, broke the news in a report at the weekend.
She said the financial statements, which were prepared on an accrual basis in line with the requirements of IPSAS 33, increased the number of requests for partnership with the state government on infrastructure projects and service delivery since the adoption of accrual IPSAS in 2016.
According to her, the state government’s financial transparency policy and accountability in financial reporting were further highlighted by its commitment to ensuring full compliance with accrual IPSAS by the end of this year.
Reviewing the economic environment, Mrs Umar said: “The highlights of the financial statements include an increase in revenue by 13.65 per cent to N511 billion, from N449.60 billion in the previous year; additional recognition of property plant and equipment amounting to N385 billion and total assets of N2 trillion at year end.
“Other notable information is the increases in Recurrent and Capital Expenditures by 14 per cent and 53 per cent respectively when compared with the previous year.”