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Ogun Property Corporation to spend N3.8bn on housing in 2022

Legal considerations you should know before buying a property in Nigeria

The Ogun State Property and Investment Corporation (OPIC) says it earmarks a total of N3.889 billion to be expended on various capital projects across the three senatorial districts of the state as well as recurrent expenditure for the 2022 fiscal year.

The financial analysis of the proposed budgetary allocation to (OPIC shows that N2.899 billion would be expended on capital expenditure, a total of N482 million is earmarked for personnel cost, while N507 million is for overhead cost.

Abiodun Fari-Arole, managing director and special adviser to the state governor on OPIC, while defending the corporation’s budget estimates before the state House Assembly on Wednesday, said a series of capital projects were penciled down for 2022 to raise revenue and contribute to socio-economic growth and development.

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Fari- Arole noted that the proposed expenditure would take care of the completion of the second phase of housing project at the King’s Court Estate Phase II in Abeokuta and BOFT Apartment at Warewa in Ogun Central senatorial district.

He added that part of the capital expenditure would be spent on opening up internal access road at Agbara in Ogun West Senatorial district, just as New Makun City in Ogun East Senatorial district would be enhanced for the sales of parcels of land and ease of movement of the occupants within the estate.

The MD also declared that the development of two new Estates at Siun Axis and Ijebu- Ode/Epe Express road, among others, would start in 2022, adding that the move was centred on domesticating more people working in Ogun but leaving in Lagos in order to raise tax-based revenue as regards residency tax rule.