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B N W: Biafra Nigeria World News |
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Ondo spends N21b on capital projects
THE sum of N21 billion has been expended on capital projects by Ondo State government between June 2003 and July 2004, while its internally generated revenue (IGR) has also increased to N2.3 billion within the same period.
The Commissioner for Finance, Chief Tayo Alasoadua disclosed this on Wednesday at a press briefing in Akure, the state capital.
Alasoadua, who described the increase recorded in the state IGR as "tremendous" also gave a break down of the expenditure.
He said about N5.21 billion was released to various agencies of government since the inception of the administration for capital development projects alone.
He noted that the state government committed N47.28 million to insure some of its assets under the 2004 budget, saying that the government picked up 495,953,758 as Right issue of Omega Bank Plc valued at N595.2 million.
According to him, the total sum of N23.538 billion was received from the federal accounts between June 2003 and July 2004. He added that a total sum of N3.009 billion was set aside for the operations of the commission to enable it carry out its statutory functions between June, 2003 and July 2004.
The commissioner further explained that during the first year of the current administration, it has been able to acquire 150,000 stocks of Nigerian Brewery Plc, 220,000 stocks of the Union Bank Plc and 293,000 stocks of the First Bank Plc.
"I want to say that government investments in quoted companies are now better managed. We have been able to diversify the state's portfolio of investments," he said.
Alasoadua also noted that a consortium of Insurance Brokers and underwriters to handle the insurance of government property was approved by the state executive council to handle the responsibility on a continuous basis until all the state government assets were insured.
According to him, the approach has started yielding positive results as new lease agreements have been prepared and the rents due are being realised while the commission being paid by the last administration of 10 per cent on rent collected and five per cent management fees (15 per cent in all) had been reduced to five per cent flat.
He disclosed the state's move to stop monthly deduction of N77 million by the Federal Government as debt service, lamenting that a total sum of N1.082 billion had been deducted to service the state's loan.
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