The Governor of Lagos State, Babajide Sanwo-Olu, presented the 2023 budget to the state house of assembly.
He presented the N1.69 trillion Budget tagged ‘budget of continuity to the State House of Assembly on Thursday, for the 2023 fiscal year.
This is N66 billion lesser than the 2022 budget which stood at N1.758 trillion.
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 assembly.
“Lagos is too big for this country to allow it to fail. Lagos is too strategic for us not to see that the wholesome of Lagos is 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.”
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