Lagos State’s Accountant-General/Permanent Secretary at the State Treasury Office, Mrs Abimbola Umar has declared that state is financially stable.
This came as the State Government over the weekend, released its Second Transitional International Public Sector Accounting Standards (IPSAS) Financial Statements for the year ended December 31, 2017.
The IPSAS financial statements chronicled the financial activities of the state during the period,.
According to Umar, the financial statements, which were prepared on an accrual basis in line with the requirements of IPSAS 33, had increased the number of partnership requests received by the government on projects since the adoption of accrual IPSAS in 2016.
Umar noted that the impressive performance in 2017 was not unconnected with the effective Internally Generated Revenue collection system put in place, which assisted in reducing the impact of the economic recession experienced by Nigeria in the first half of 2017.
“The highlights of the financial statements include an increase in revenue by 13.65 per cent of N511bn from N449.60bn in the previous year; additional recognition of property plant and equipment amounting to N385bn and total assets of N2tn 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 2016.
“The financial stability of the state is not in doubt,” the Accountant-General added.