In a bid to generate an additional source of revenue, the Oyo State Government is planning to access 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.
Makinde made this disclosure when he received the Revenue Mobilisation Allocation and Fiscal Commission (RMAFC), team who paid a courtesy call on him at the Governor’s office, Ibadan, on Tuesday
Governor Seyi Makinde said the state wants to access the fund with the hope to develop the Suspended Lake in Ado-Awaye among other tourist sites across the state with a view to revamping, revitalising, and repositioning the state’s economy for self-sufficiency in accordance with its 20-year Oyo State Development Plan.
Makinde further said his administration is keen to tap into solid minerals especially lithium which he described as future gold.
Speaking on the Oyo state government’s request, Chairman, Fiscal Efficiency and Budget Committee, Revenue Mobilisation Allocation and Fiscal Commission (RMAFC), Alhaji Shettima 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. He noted that the commission will come up with a report after the assessment with recommendations to be sent to the President to determine the appropriate amount that Oyo state can access from the money.
The 1.68 percent 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.
He, however, 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.