The Ogun Property Investment Corporation (OPIC) said it would spend over N4.1billion on the construction of 401 housing units of two and three-bedroom bungalows in 2020.
Mrs Ibiyemi Adesoye, Acting Managing Director of OPIC, disclosed this during the 2020 budget defence of the corporation before Ogun State House of Assembly in Abeokuta on Wednesday.
Adesoye gave the specifications to include 151 units in Abeokuta, 150 units in Sagamu, 50 units in Ijebu Ode and the remaining 50 apartments in Remo axis of the state.
She said that the total budget proposal of N9.272 billion for 2020 comprised of N7.75 billion for capital projects and N1.522 billion earmarked for recurrent expenditure, including salaries and other overheads.
She stated that the revenue target had been put at N16. 5billion.
On the revenue target, she explained that fees would be sought through contractors’ registration fees, tender/deeds registration fees, development fees and proceeds from sales of buildings, amongst others.
Mr Olakunle Sobukanla, Chairman, House Committee on Finance and Appropriation, urged the corporation to ensure that the proposed housing units were affordable.
