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YEAR 2016 LASG TRANSITIONAL IPSAS FINANCIAL STATEMENT
| Lagos State Government | |||||||||||
| Financial Statements | |||||||||||
| For the year ended 31st December 2016 | |||||||||||
| Statement of financial position | |||||||||||
| 31-Dec 2016 | 1-Jan 2016 | ||||||||||
| Notes | N’000 | N’000 | |||||||||
| ASSETS | |||||||||||
| Current Assets | |||||||||||
| Cash and Cash Equivalents | 14 | 37,464,041 | 26,727,210 | ||||||||
| Receivables | 15 | 3,120,442 | 3,110,244 | ||||||||
| Total Current Assets | 40,584,483 | 29,837,455 | |||||||||
| Non-Current Assets | |||||||||||
| Investments | 16 | 76,733,406 | 31,119,819 | ||||||||
| Other Financial Assets | 17 | 108,345,018 | 120,470,302 | ||||||||
| Property, Plant & Equipment | 18 | 1,678,259,517 | 1,739,214,514 | ||||||||
| Total Non-current Assets | 1,863,337,942 | 1,890,804,635 | |||||||||
| Total Assets | 1,903,922,425 | 1,920,642,089 | |||||||||
| LIABILITIES | |||||||||||
| Current Liabilities | |||||||||||
| Payables | 19 | 6,029,801 | 3,430,925 | ||||||||
| Public Funds | 20 | 221,798 | 211,096 | ||||||||
| Current Portion of long Term Borrowings | 21i | 130,329,948 | 38,259,128 | ||||||||
| Total Current Liabilities | 136,581,547 | 41,901,149 | |||||||||
| Non-current Liabilities | |||||||||||
| Long Term Borrowings | 21ii | 649,537,244 | 558,049,851 | ||||||||
| Retirement Benefit Obligations | 22 | 42,393,173 | 60,527,973 | ||||||||
| Total Non-current Liabilities | 691,930,417 | 618,577,824 | |||||||||
| Total Liabilities | 828,511,964 | 660,478,973 | |||||||||
| Total Net Assets | 1,075,410,460 | 1,260,163,116 | |||||||||
| NET ASSETS | |||||||||||
| Reserves | 22 | 1,341,826,042 | 1,260,163,116 | ||||||||
| Accumulated Surplus/(Deficit) | (266,415,582) | 0 | |||||||||
| Total Net Assets | 1,075,410,460 | 1,260,163,116 | |||||||||
| The Accounting Policies and Notes form an integral part of these financial statements. | |||||||||||
| Comparative values on the transition date were presented in line with the provisions of IPSAS 33 | |||||||||||
| STATE TREASURY OFFICE | |||||||||||
| MINISTRY OF FINANCE | A. S. UMAR (MRS.) | ||||||||||
| THE SECRETARIAT | ACCOUNTANT-GENERAL/PERMANENT SECRETARY | ||||||||||
| ALAUSA -IKEJA | LAGOS STATE | ||||||||||
