BREAKING: Sanwo-Olu presents 2023 budget to Lagos Assembly

 

Babajide Sanwo-Olu, Lagos governor, has presented the 2023 budget to the state house of assembly.

 

The N1.69 trillion ‘budget of continuity’ was presented to the house of assembly on Thursday.

 

According to the breakdown given by the governor, capital expenditure will take N932 billion — representing 55 percent of the total budget — while recurrent expenditure will gulp N759 billion.

 

While addressing the lawmakers, the governor restated his demand for a new revenue-sharing formula.

 

The governor called for a special status for Lagos, describing the state as a “national asset”.

 

“Lagos continues to experience increased pressure on social services due to unhindered migration from other parts of the country,” he said.

 

“It is for this reason that I always sought and I will still continue to reiterate the need for Lagos to be accorded a special status as a national asset.

 

 “Lagos is too big for this country to allow it to fail. Lagos is too strategic for us not to see it that the wholesome of Lagos is the wholesome of this country, that the benefits of Lagos transcend one region, one part or one scope of this country.

 

“As a microsome of the entire country, Lagos deserves all the support it can get at the national level.”