Ondo Assembly Passes N14.4Billion OSOPADEC Budget
Sequel to the the submission of the report of the House Joint Committee on Finance and Appropriation to the House at plenary, the Assembly passed the budget into law.
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 (N14,402,195,607.22) of which about twelve billion nine hundred and seventy six million, six hundred and fifty thousand naira (12,976,650,000) was alloted for capital projects while the remaining one point four billion was appropriated for recurrent expenditure.
Recall that the former governor, Chief Adebayo Adefarati in year 2000, through the OSOPADEC Act established the Ondo State Oil Producing Areas Development Commission, OSOPADEC, to administer forty percent of the thirteen percent oil derivation accrued to the State from the federation account.
The Commission is strategic to the vision of the state Governor, Arakunrin Oluwarotimi Akeredolu, SAN, to open up the state to investors and transforming the state from civil servants driven economy to an industrial hub of the Southwest of Nigeria.
This may be responsible for while the governor had to inaugurate the commission first among other boards in the state. Olugbenga Edema is the chairman of the commission while Dr Victor Koledoye serves as the secretary.