Over N49 billion Naira has been spent by the Lagos state Government on the Lagos State University, Ojo (LASU) in the past five (5) years. This is a claim by the Lagos state government via a statement during the weekend.
Five years ago, Lagos state government instituted a six-man visitation panel led by Justice Olaseinde Silva to look into the different issues affecting the school.
N29,624,235,453 was spent on recurrent expenditure while N19,781,525,827 was on capital expenditure as the statement explained.
The statement revealed that LASU can’t be totally funded just by the students’ tuition fees.
“The students who pay the new tuition fees began payment only two sessions ago. Of the over 12,000 students in LASU, only 2,153 is expected to pay the new fees. This amounts to N459,257,960.00 paid by students in year one and two.
“The total revenue of N459 million expected from tuition fees is a far cry from the State Government’s required expenditure on the institution. In 2014, about N9.2 billion will be spent by Government on LASU alone, out of which N2.6 is for capital expenditure and N6.6 billion is for recurrent. Out of the N9 billion proposed to be spent on LASU, less than half a billion naira will be generated from tuition fees!”