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ODHA Passes OSOPADEC Supplementary Budgets into Law

ODHA Passes State, OSOPADEC Supplementary Budgets into Law By Awodeyi Elizabeth Ondo State House of Assembly has passed the amendment of

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ODHA Passes State, OSOPADEC Supplementary Budgets into Law

By Awodeyi Elizabeth

Ondo State House of Assembly has passed the amendment of the 2023 State appropriation bill into law.

Consequently, the House equally passed the amendment of 2023 Ondo State Oil Producing Area Development Commission (OSOPADEC) into law.

The bills were passed into law after scaling through the third reading at a plenary presided over by the Speaker, Rt Hon Olamide Oladij.

It would be recalled that the House had last week committed the bills to the house committee on finance and appropriation and OSOPADEC bill to the joint Committee on finance and appropriation and OSOPADEC for proper scrutiny .

The bill amended the 2023 appropriation bill and authorise the issue from the consolidated revenue fund of ondo state of Nigeria, a sum of Three Hundred and Thirteen Billion, One Hundred and Forty-four Million, Nine Hundred and Twenty-five Thousand, Nine Hundred and Twenty- Three Naira (N313,144,925,923) only.

On the bill , the sum of One Hundred and sixty Three Billion, Two Hundred and Forty-eight Million, One Hundred and Thirty thousand, Three hundred and Thirty-three naira (NI63,248,130,333.00) and One Hundred and Forty Nine Billion, Eight Hundred and Ninety-six Million, Seven Hundred Ninety-five Thousand, Six Hundred and Fifty Naira (149,896,795,650.00) as recurrent and capital provision respectively.

The total Annual Budget size of Two Hundred and Seventy – Five Billion, Nine Hundred and Seventy- One Million, One Naira was increased by thirty-seven Billion, One Hundred and Seventy-three Million, Seven Hundred and Forty-one thousand, nine hundred and Eighty-three naira.

The Chairman house Committee on Finance and appropriation, Hon Oluwole Ogunmolasuyi while submitting the report of the Committee said that the Committee observed that schedules (i) and (ii) of 2023 Appropriation Law for Ondo State were altered by accommodating the excess fund
realised from the removal of Oil Subsidy aimed at cushioning the effect of the removal on the economy;

He noted that the supplementary proposal majorly aimed at clearing all domestic arears e.g backlog of salaries, wages award, palliatives,
outstanding debts to contractor with a view to ameliorating the effect of the Subsidy removal on the economy.

Also,the bill amended the 2023 Ondo State Oil Producing Area Development Commission (OSOPADEC) appropriation law is to make provision for the sum of three billion, two hundred and fifty-three million, six hundred thousand naira (#3,253,600.00) only out of which the sum of two hundred and eighty-four Million, Six Hundred thousand naira (#284,600,000) only is for recurrent expenditure and the sum of two billion, nine hundred and sixty-nine million naira (#2,969,000,000.00)only is for capital expenditure for the services of the Ondo State Oil Producing Areas Development Commission (OSOPADEC) for the year ending thirty-first day of December, two thousand and twenty-three.

Presenting the report on the OSOPADEC bill, the Chairman, House Committee on OSOPADEC, Hon Oluwatoyin Allen said that during the scrutiny of the details of the Budget proposal, the joint Committees observed that the increment of revenue on 40% of 13% Oil derivation due to removal of oil subsidy was in tandem with the provision for OSOPADEC in the 2023 Budget of Ondo State.

The Committees recommended that all on-going and abandoned projects of the Commission should by the adoption of
(PPP) be given accelerated attention so as to get them completed for the use of the people in the mandate area.

Earlier,the Majority leader, Hon Oluwole Ogunmolasuyi moved a motion for the bills to be passed into law which was seconded by the Deputy Majority leader, Hon Princess Olwatosin Ogunlowo-Ajirotutu and that of OSOPADEC was seconded by the Lawmaker representing Akure South constituency 2, Hon Stephen Abitogun.

The Speaker in his speech noted that the bills will enhance socio-economic development and further improve the living standard of the people of the State

He commented Governor Oluwarotimi Akeredolu for the bills and the standing Committees involved for properly scrutinized the bills to meet recent demand and global best practice.

According to him,the supplementary budget will complement the year 2023 budget performance for all round development.

He said that the management of OSOPADEC should not rely solely on the 40% of 13% Oil derivation fund but be more rigorous and creative in their collaboration with both local and international organizations/donors so as to meet the expectation of Citizen of the
State especially the people from the mandate area.

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