OPIC Proposes N4bn Investment. ....Targets N8bn As Revenue In 2023 - EDU-BIZNEWS


Friday, December 9, 2022

OPIC Proposes N4bn Investment. ....Targets N8bn As Revenue In 2023

Ogun State Property and Investment Corporation (OPIC) has proposed a total budget proposal of N4.981bn, including N4.149bn for capital projects and the remaining N831.8m for recurrent expenditure, while N8.02bn was the revenue target for the next fiscal year.

The Special Adviser/Managing Director of OPIC, Mr. Abiodun Fari-Arole, disclosed this while defending the 2023 budget proposal of the Corporation before the State lawmakers at the Assembly Complex  Oke-Mosan, Abeokuta.

Fari- Arole noted that the Corporation proposed to rehabilitate OPIC Diya House Head Quaters, construction of 700mtr internal road at King's Court Phase II, construction of 800mtr internal road at Agbara, opening up of 3.6km access road at Siun, another 4km access road at Ijebu-Ode, and the construction of 2km road at new Makun as well as 350mtr internal road at Magboro amongst others.

The Lawmakers also considered the 2023 budget estimates of the State Ministry of Commerce and Industry as presented by the Commissioner, Mrs. Kikelomo Longe, who proposed a total budget expenditure of N976.3m for the next fiscal year.

Giving the break down of the budget proposal, Longe disclosed that out of the total, the sum of N419.3m would be set aside for capital expenditure, while the sum of N556.9m was being earmarked for recurrent, with over N2bn expected as revenue for government.

The Commissioner assured that the Ministry would embark on more infrastructure development of the industrial parks in the State and source public private partnership development as well as promote entrepreneurship and all round development of medium and small scale enterprises (MSME).

On its part, the Ministry of Physical Planning and Urban Development assures that it will conduct physical planning and socio-economic surveys with a view to ensuring equitable population distribution, growth and sustainable development across the State.

Hence, the  State Commissioner in charge of the Ministry, TPL Tunji Odulami said that the Ministry planned to expend a total of N566.7m next year, out of which N556.7m would go for capital projects, while N10m was being set aside for recurrent expenditure.

 The State Civil Service Commission led by the Chairman, Civil Service Commission, Engr. Tokunbo Odebunmi, the Office of the Head of Service represented by the Permanent Secretary, Service Matters, Mr. Dahunsi Ogunleye, the Ministry of Justice, the State Judiciary, State High Court, Judicial Service Commission as well as the State Customay Court of Appeal also defended their budget proposals before the lawmakers.

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