OPIC to spend over N4.9bn in 2023


The Special Adviser and Managing Director, Ogun State Property and Investment Corporation (OPIC), Arc. Abiodun Fari-Arole has defended a total expenditure of N4,981,439,877.82 to be spent by the agency for the next fiscal year.

Arc. Fari-Arole, who made a presentation during the budget defence before the State House of Assembly members at Oke- Mosan, Abeokuta, said the Personnel Cost would gulp N481,999,463.80 while the Overhead Expenditure stands at N349,999,999.87 and Capital Expenditure would take N4,149,440,414.18.

He stated that the Corporation was committed to providing quality housing delivery for the medium and high-income earners in the State, saying the Capital Expenditure would be used for the completion of projects embarked upon in the previous year.

The OPIC boss listed the projects to include, the Kings Court Estate Phase II at the Presidential Boulevard, Oke-Mosan, Abeokuta and Boft Apartments at Warewa along Lagos-Ibadan Expressway, as well as the construction of other infrastructural development at Agbara, rehabilitation of OPIC plaza in Ikeja renovation of OPIC event centre, acquisition of lands at Suin, Ijebu-Ode Mujoda Epe Expressway and many more.

He added that the Corporation would also embark on the construction of roads, drainages, and electricity, among others in its housing estates across the State, noting that efforts would be intensified to meet the revenue target of N 8,020,503,000.00 in the coming year.

Arc. Fari-Arole appealed to the members of the Assembly to assist in fast-tracking the Corporation’s request, as it would impact positively in communities where its projects were situated.

Responding, Chairman, House Committee on Works and Infrastructure Hon. Abayomi Fasua urged the Corporation to always carry the Assembly along on its activities to enable them advice appropriately.


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