The governor of Lagos state, Gov Babajide Sanwo-olu has presented the budget for 2023 to the house of assembly. The budget of N1.69 trillion is referred to as the ‘budget of continuity’ and it was presented to the National House of Assembly on Thursday 27th of October 2022.
The breakdown of the budget by the Governor showed that capital expenditure will take up the sum of 932 billion naira, and this is only about 55 percent of the whole budget. The remaining percent is the recurrent expenditure, and it will take up the sum of 759 billion naira.
Gov Sanwo-Olu addressed the lawmakers in the national house by restating his demand for a new formula of revenue sharing. He went further to explain that Lagos state should be treated and accorded a special status, describing the state as a ”national asset”.
The fact that Lagos state had become a settling point for several people from other states has made the state unhinged, and thus increased the pressure on social services served as a good argument to drive home his point that Lagos should be seen and regarded as a national asset.
According to him, ”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 microscope of the entire country, Lagos deserves all the support it can get at the national level.
These were the words of the Governor himself as he presented the budget.