The Oyo State Government is seeking to access N112,350,000,000 from the 1.68 per cent Development of Natural Resources Fund grant for trade, tourism and solid minerals development in the state.
Chairman, Fiscal Efficiency and Budget Committee, Revenue Mobilisation Allocation and Fiscal Commission (RMAFC), Alhaji Shettima Yuguda made the disclosure when he led the RMAFC team on a courtesy call on Governor Seyi Makinde of Oyo State at Governor’s office, Ibadan, on Tuesday.
The 1.68 per cent Development of Natural Resources Fund is established to achieve resource diversification and provide an alternative source of revenue to oil not only to the federal government but the other two tiers of government and is one of the items under the Special Fund established by the Revenue Allocation (Federation Account) Act.
Speaking on the state government’s request, Yuguda said the RMAFC committee was in the state for a physical visit to verify and certify the reliability of the issues in the letter of request of the state government.
Upon conclusion of its assessment, Yuguda said a report will be generated by the committee with recommendations of the commission to be sent to the President to determine the appropriate amount that Oyo State can access.
He, however, was assured of fairness and equity by the committee in making sound recommendations for the state but added that this will be guided by the objective of the Development of Natural Resource Fund.
Governor Makinde, in his remarks, said the state sought to access the fund with the hope of developing the Suspended Lake in Ado-Awaye among other tourist sites across the state.
Makinde added that the state also was keen to tap its solid minerals especially lithium which he described as future gold. He added that the state sought the fund for projects aimed at revamping, revitalising and repositioning the state’s economy for self-sufficiency by its 20-year Oyo State Development Plan.
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