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Budget performance : OPIC generates N1.3bn in 6 months

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Mr Abiodun Fari -Arole,  the Managing Director, Ogun Property and Investment Company (OPIC) on Wednesday,said that the agency generated over N1.3 billion between January and June as revenue. 

Fari – Arole,  represented by Mr Seyi Sokoya,  the Director Inter Agency and Liason Matters,  disclosed this while defending the agency’s performance between January and June before members of Ogun House of Assembly in Abeokuta. 

He noted that the revenue were generated from sales of buildings, site services programme,  rent on government assets and plot allocation /layout fees. 

He noted that the revenue also included survey /planning fees,  change of ownership fees and earning from consultancy services /service charge among others. 

The managing director explained that OPIC had been able to initiate and complete multiple housing prototypes across its various estates. 

He, however, explained that economic conditions had slowed revenue projection,  saying that the agency expected improvement by the third and fourth quarter. 

The OPIC boss noted that  the projected revenue was based on 1,000 hectares of land to be allocated to OPIC along Epe -Ijebu Ode expressway. 

“Allocation of 500 hectares of land at Siun and Laderin, unfortunately, all these land allocation requests are yet to be granted by Bureau of Lands, ” he said. 

Responding,  Mr Kemi Oduwole,  the Chairman,  House Committee on Industry , Trade and Investment,  urged the agency to do more in the area of Internally Generated Revenue (IGR). 

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