The State Government had five years ago, inaugurated a six-man Visitation Panel led by Justice Olaseinde Silva to review various issues affecting the school.
This was contained in a statement made available at the weekend.
The state government explained that N29,624,235,453 was spent on recurrent expenditure while N19,781,525,827 was on capital expenditure.
According to the statement, LASU cannot be fully funded through the tuition fees being paid by the students.
“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!” (Vanguard)