Ondo Assembly Approves N50bn Bond, N702m Facility

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James Sowole in Akure

Ondo State House of Assembly has approved the request by the state government to access a N50 billion bond to facilitate infrastructural development of the state.

Similarly, the House has approved the state government’s request in favour of the Water Resources, Sanitation and Hygiene Ministry’s bid to access a facility of N702 million counterpart funds, which is part of the $2.3 million being managed by the Federal Ministry of Water Resources.

The Chairman House Committee on Finance and Appropriation, Hon. Sunday Olajide, who disclosed this, said the approval was given in view of the current infrastructural strides of the Oluwarotimi Akeredolu-led government.

Olajide said the approval was done as part of the House’s support for government to successfully implement infrastructural projects, noting that the bond when accessed would accelerate the development of the state.

It was however gathered that the bond would come in two tranches.

According to the House, the first tranche of N30 billion would be accessed now, while the balance of N20 billion would be accessed later.

The lawmaker said the ministry’s fund covers goods, works, services and training.

Olajide, while presenting the committee’s report to the House, observed that the facility, which has the water sub-sector of the economy as its target, would equally have positive effects on other areas of the economy.

He described the requirements to access the facility as friendly in view of the numerous benefits to the people.

The House has also passed a bill seeking an amendment to the retirement age for workers in the state tertiary institutions.

With the passage of the executive bill, tertiary institutions workers in the professorial cadre would now retire at the age of 75, while other category of workers, teaching and non- teaching would have to retire at the age of 65.

Prior to the approval, the retirement age of lecturers in the professorial cadre was 65 years, while other categories of workers retire at the age of 60.

The lawmaker said the amendment has been long overdue since their counterparts at the federal level were already enjoying the benefit.

“Lecturers in federal universities have since been enjoying the benefit hence the need to extend same to state tertiary institutions in view of their numerous contributions to the society,” he said.

The lawmakers added that the amended law would affect workers in the state-owned universities, polytechnics, monotechnics, teaching hospitals, research institutes, and colleges of education.