Osun State house of Assembly today gave approval to the State government authorizing the spending of the share of Osun State Government and the thirty local governments on the National Power Project by the Federal Government following the due process.

Giving the approval, the Speaker, Hon Adejare Bello expressed the hope that the intervention will yield positive resuilts as the soco-economic situation of the country has been at the receiving end of the epilepticpower situation.

The Osun State Speaker, who is the Acting Chairman Conference of Speakers in Nigeria said it is hightime the government took the bull by the horn in rescuing the power sector as any government that succeeds in this regard will never be forgotten by Nigerians. According to him 'Nigerians have sufferred enough', urging other parliaments to folloe suit by approving the deduction from the excess crude account.

Hon Bello said he is happy that the Osun State parliament is one of the first parliaments in the Country to give governors the legal backing to fund the Power Sector Special Intervention.

The Governor, Prince Olagunsoye Oyinlola had through a letter dated July,31, 2008 sought the approval of the Assembly to contribute to the Power Sector Special Intervention Fund to finance the Emergency Power Project.

Through the letter the Governor intimated the parliament that the intervention was agreed to at the National Economic Council and endorsed by all State Governors.

Osun State Government is to contribute $31,165,343.83 while the 30 local governments are to pool $30,293,458.43. The total to be contributed by Osun stands at $61,458,888.83.

This fund is to be sourced from the Excess Crude Savings Account.The total fund required for the emergency power intervention fund stands at five billion,three hundred and seventy million dollars to be borne by the Federal Government, thirty statesof the Federation and all the Local Governments in Nigeria.

With the approval given by th Osun Assembly, Osun State is to have 1.14% of the project.

18TH,AUGUST, 2008
OLUMIDE AJAYI
PRESS SECRETARY TO THE SPEAKER
O.S.H.A