ODHA passes N14.4b OSOPADEC budget - The Hope Newspapers
 

ODHA passes N14.4b OSOPADEC budget

Admin 09 Aug, 2017 Featured, News

By Adekola Afolabi

The Ondo State House Of Assembly has passed the 2017 budget of Ondo State Oil Producing Areas Development Commission (OSOPADEC) into law.

The passage was sequel to the submission and consideration of the report of the Joint Committees on Finance and Appropriation and OSOPADEC on the floor of the House.

The 2017 OSOPADEC budget has a total of fourteen billion, four hundred and two million, one hundred and ninety-five thousand, six hundred and seven naira, twenty-two kobo (14, 402, 195,607.22).

Out of the total budget, a sum of twelve billion, nine hundred and seventy-six million, six hundred and fifty thousand naira (12,976,650,000), from the 40 percent of the 13 percent Oil Derivation Fund  was budgeted for Capital Expenditure, while the remaining one billion, four hundred and twenty-five million, five hundred and forty-five thousand, six hundred and seven naira, twenty-two kobo (1,425,545,607.22), was appropriated for Recurrent Expenditure.

The breakdown of the capital estimates indicated that a sum of N10, 508, 450, 000 was budgeted for capital projects, while N1, 185,000,000 was earmarked for community welfare project.

N730, 000,000 was committed for youths and women empowerment project, just as N67,500,000 would go for legal project and N485, 700,000 was provided for office capital project.

At the plenary sitting on Monday, the Majority Leader of the House  and lawmaker representing Akoko North-West State Constituency 2, Hon. Olugbenga Araoyinbo, who moved a motion for the bill to be passed into law said the budget would ensure speedy development of OSOPADEC mandate areas.

This was seconded by Hon. Obadiah Vincent, representing Ese-Odo State Constituency.

Earlier, while submitting its report, the joint committees observed that the budget proposal is aimed at bringing more succour to the generality of the citizenry of the state in the riverine areas, hence the budget be passed into law.

The Committees recommended that the executive arm of government should ensure that the management team of OSOPADEC is well guided by the provisions of the budget in the course of implementation.

It was also recommended that the ongoing projects which are near completion should be given the much-needed attention with a view to completing them as soon as possible.

The joint Committees further recommended that the management of OSOPADEC should also embark on internally generated revenue drive as provided for by relevant laws.

While Hon. Sunday Olajide  serves as Chairman, House Committee on Finance and Appropriation, Rt. Hon. Malachi Coker serves as Chairman, House Committee on OSOPADEC.

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