In actualization of her vision as a dominated player in the nation’s emerging property market at providing affordable housing for the public, the State Property and Investment Promotion (OPIC) is set to construct additional 401 housing units in some parts of the State next year, hence, it has proposed a total budget expenditures of N9.272bn for the year.
The Ag. Managing Director of the Corporation, Mrs Ibiyemi Adesoye stated this at the on-going 2020 budget defence by Ministries, Departments and Agencies of government before the lawmakers led by the Chairman, House Committee on Finance and Appropriation, Hon. Olakunle Sobukanla, at the Assembly Complex, Oke-Mosan, Abeokuta.
Adesoye stated that the construction of the 401 housing projects of 2 and 3 bedroom bungalow specifications included 151 units in Abeokuta, 150 units in Sagamu, 50 units in Ijebu and the remaining 50 apartments in Remo axis would gulp N4.103bn.
She opined that the total budget proposal of N9.272bn for the next fiscal comprised of N7.75bn proposed for capital projects and N1.522Bn earmarked for recurrent including salaries and other overhead, with revenue target put at N16.5bn.
On the revenue target, she explained that fees would be sought through Contractors’ registration fee, tender/deeds registration fees, development fees and proceeds from sales of building amongst others.
