Oyo State seeks to access Development of Natural Resources Fund Grant

Olubunmi Osoteku, Ibadan.


The Oyo State Government has made a request to access the sum of N112,350,000,000 from the 1.68 percent Development of Natural Resources Fund grant for trade, tourism and solid minerals development in the State.



The Chairman, Fiscal Efficiency and Budget Committee of the Revenue Mobilization Allocation and Fiscal Commission (RMAFC), Shettima Yuguda, confirmed the request, on Tuesday, when he led the RMAFC team on a courtesy call on Governor Seyi Makinde at the Courtesy Room of the Governor’s Office, Agodi-Secretariat, Ibadan.



The 1.68 percent Development of Natural Resources Fund is established to achieve resource diversification and provide alternative source of revenue to oil, not only to the federal government but also the other two tiers of government and is one of the items under the Special Fund established by the Revenue Allocation (Federation Account) Act.



Yuguda disclosed that the RMAFC committee was in the State for a physical visit to verify and certify the reliability of the issues raised in the State government’s letter of request.



He assured that a report would be generated by the committee, with recommendations of the commission, to be sent to the President to determine the appropriate amount that Oyo State could access when the assessment visit is concluded.



He promised fairness and equity by the committee in making sound recommendation about the State, adding that the recommendation would, however, be guided by the objectives of the Development of Natural Resource Fund.



In his remarks, Governor Seyi Makinde noted that the State sought to access the fund with the hope of developing the Suspended Lake in Ado-Awaye, among other tourist sites in the State, noting that the State also was keen on tapping its solid minerals, especially lithium, which he described as future gold.



He further revealed that the State sought the fund for projects aimed at revamping, revitalizing and repositioning the State’s economy for self-sufficiency, in accordance with its 20-year Oyo State Development Plan.
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