The Ondo State House of Assembly on Wednesday passed the 2017 budget of the Ondo State Oil Producing Areas Development Commission (OSOPADEC) into law.
The passage folowed the submission and consideration of the report of the joint committees on finance and appropriation, as well as OSOPADEC on the floor of the House.
The House Committee on Finance and Appropriation is chaired by Honourable Sunday Olajide while the House Committee on OSOPADEC has Honourable Malachi Coker as its Chairman.
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) 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.
A breakdown of the capital estimates indicated that the 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 also 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.
The Majority Leader of the House, Honourable 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.
The motion was seconded by the lawmaker representing Ese-Odo State Constituency, Honourable Obadiah Vincent.
Earlier, while submitting its report, the joint committees noted that the budget proposal was aimed at bringing more succor to the generality of the citizenry of the state in the riverine areas.
They 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.
The committees also suggested that the ongoing projects that are near completion should be given the much-needed attention with a view to completing them as soon as possible.
They advised that the management of OSOPADEC should embark on internally generated revenue drive as provided for by relevant laws.