N50b bond for road projects, others –Igbasan

By Olusola Alatise
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The N50 billion bond recently approved by the Ondo State House of Assembly is to be expended on major roads in the state in order to bring relief to the citizens, The hope has learnt.

Among the road projects are  the Atijere-Aboto, Okeagbe-Afin-Eshe-Ogbagi, Araromi/Lekki, Ore flyover and the newly flagged off Oda road.

The hint was dropped by the state Commissioner for Economic Planning and Budget, Pastor Emmanuel Igbasan during an interview with The Hope.

 He said infrastructural development and security are the major impectus that drive the economy and noted that investment in infrastructure particularly road is a right investment.

His words:”Two things drive the economy, one is infrastructure and the second is security. These are the two critical elements that attract investments. For example, the new industrial park in Ore has been connected to the national grid. So, we expect influx of industries and companies into that area. That is the magic. If we create the environment, other things will fall in place.

When these people produce their goods, they need good roads to move on. So, constructing roads is laying a good foundation for sustainable economic growth,” he maintained.

The commissioner said the people can now start  to estimate the quantum of the benefits that would  be derived from these projects  when completed because of the cost of transport that will be greatly reduced .

 He said for now, the state is yet to configure its productive index to be able to tell the economic benefits of à specific project.

He said the bond is not even enough to pay the outstanding money of contracts already awarded in the state. “Let me take Atijere road that was just re-awarded last week. When it was awarded in 2016, it was N12 billion, but when this administration reviewed that contract when the former contractor refused to do anything, we re-awarded it for N8 billion, saving the state N4 billion and yet we have not given the contractor a dime.

So if one road is gulping N8 billion, what about the 28.9 kilometers Akoko/Irun side for another 8 to N12 billion, the Araromi- Lekki road, the dualization of Oda road. I can go on and on. By the time  I mention 10 projects, N50 billion is gone. Is it the Ore Flyover that work is ongoing. That is about N8 billion project,” he added.

He listed other projects that will benefit from the bond to include the ongoing ultra modern 500 UNIMED Teaching Hospital Complex, reticulation of dams, rural electrification among others.

Igbasan who said bond has always been one of the means to balance state budget and as well gives room for borrowing, submitted that  N50 billion for Ondo State Government is just a tip of an iceberg compared to the masses oriented  projects  lined up for the people.

He said taking a bond is the best thing to happen in order to ensure that work continues, saying Akeredolu led administration has performed creditably well in all the five critical areas set for the administration.

On the implementation of the State 2019 budget,  Igbasan declared that the budget as at June was 54 percent implemented and that it was on a positive side, saying that there is quarterly assessment of the budget where the report of projects execution will be reviewed.

He said the 2018 budget of progress has laid solid foundation for the 2019 budget of leveraging the gains of 2018 which he said was in tandem with the development and strategic plan of the government.

The commissioner was optimistic that 2020 budget will be signed into law before the end of this year.

On the focus of the 2020 budget, Igbasan said it will focus on impacting lives of the people positively, their businesses and their environments

“2020, we want to impact the lives of our people positively,  their businesses and  environments.  We want to create rural economy where the same thing that are being enjoyed by those in the cities  would be enjoyed by the rural dwellers. We want to look at 65 percent of our population who are into agric and see how we will link them up nationally and internationally,” he added.