Study of Asset Valuation Practices for Infrastructure Assets in Benue State

Accurate valuation of public infrastructure assets is fundamental to sound public financial management, fiscal planning, and asset management decision-making. This study examines asset valuation practices for infrastructure assets in Benue State, including roads, bridges, public buildings, and water supply systems. A mixed-method design was employed, with 72 respondents from the Benue State Ministry of Finance, Bureau of Statistics, and quantity surveying practitioners. Structured questionnaires and document analysis of state asset registers formed the data instruments. Analysis involved descriptive statistics and content analysis. Findings show that Benue State does not maintain a comprehensive infrastructure asset register, with most public assets unvalued or carrying outdated valuations based on original cost without depreciation adjustments. The study identifies absence of trained quantity surveyors in asset management roles, inadequate budget for asset audits, and lack of standardised valuation methodologies as primary barriers to effective infrastructure asset valuation. Adoption of the International Public Sector Accounting Standards (IPSAS) framework, which requires fair value or replacement cost asset reporting, is found to be in early stages and poorly understood among relevant officials. Recommendations include training of public sector quantity surveyors in infrastructure asset valuation, development of a state-level asset management policy, and engagement of the NIQS in state financial reporting reform initiatives. Keywords: asset valuation, infrastructure assets, Benue State, public financial management, quantity surveying