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The Ogun state Property and Investment Corporation, OPIC has announced its plan to spend N7.75 billion naira on building 401 housing units in different part of the state.
The Ag. Managing Director of the Corporation, Mrs Ibiyemi Adesoye disclosed this while defending the ministry budget before members of the State House of Assembly led by the Chairman, House Committee on Finance and Appropriation, Hon. Olakunle Sobukanla, at the Assembly Complex, Oke-Mosan, Abeokuta.
Adesoye stated that, construction of the 401 housing unit was necessary for the state in other to be a key player in the property market across the country.
She reiterated that, the ministry planned to provide affordable housing for citizens of the state.
Adesoye noted that the corporation proposed a total budget expenditures of N9.272bn for the 2020 fisical year.
The OPIC acting director explained that the total budget proposal of N9.272bn for the next fiscal comprised of N7.75bn proposed for capital projects and N1.522bn budgeted for recurrent including salaries and other overhead.
She explained further that the construction of the 401 housing projects would comprise of two and three bungalow specifications in Abeokuta, 150 units in Sagamu, 50 units in Ijebu and the remaining 50 apartments in Remo axis would gulp N4.103bn.
Adesoye claimed that the corporation had targeted N16.5bn as revenue.
She explained that fees would be sought through Contractor’s registration fee, tender-deeds registration fees, development fees and proceeds from sales of building amongst others so as to meet the revenue target.
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