The Ekiti State Government requested a sum of N175.75 billion grant from the Natural Resources Development Fund (NRDF) for the diversification of the state’s economy.
The state commenced plans to access the money through the Revenue Mobilization Allocation and Fiscal Commission (RMAFC) as part of efforts to facilitate a capital-intensive and knowledge-driven economy built around solid minerals, agriculture and tourism development for global competitiveness
This was made known by Governor Biodun Oyebanji, who was represented at the meeting by his Chief of Staff, Niyi Adebayo during a meeting held in Ado-Ekiti on Thursday with the leadership of the RMAFC.
The RMAFC officials, led by Amb. Desmond Akawor were in the state to carry out a feasibility Report and Recommendations on the proposed Natural Resources Development Fund (NRDF) Grant.
The governor stated that the plan is to make Ekiti State the hub for prosperity, opportunity, peace and progress as well as lay the foundation for a prosperous and self-sufficient future for the citizens.
Speaking further, stated that the grant would strengthen the state’s economy in line with President Bola Tinubu’s Renewed Hope Agenda.
Spotlighting the importance of the grant to Ekiti State, the doctor said it gain include diversification of the State’s economy and its revenue base, increase in Internally Generated Revenue (IGR), attracting Foreign Direct Investments, creating an enabling environment for Private Sector Investments to thrive, earning Foreign Exchange as well as providing and sustaining food security through commercial and value-chain Agriculture.
The Governor also affirmed that his government will embark on a massive agricultural development drive to enhance food security as well as build and invest in the tourism corridor that will be second to none in Nigeria.
“Ekiti is a state that is well known not just for education, but for its integrity and honour. As you know, apart from education, the next most important thing is agriculture, historically, because it employs most of our people, where our GDP also derives more than half, as of today, of this component.
“But just as His Excellency, President Bola Ahmed Tinubu, has also expressed glowingly, we need to diversify the economy, and Ekiti is also working along this line. And one of the things we like about the President is that whenever he says something, he actually puts action to it.
“Basically the entire state is a tourism site because when you drive around and you see the undulating terrain, the hills and all of that, you actually marvel at what God has really blessed us with. We also have pockets of other land forms. We have caves. We have some of those other locations that we can actually work on. Once this comes in, you will see that the money will be effectively utilized and we shall do more in the area of tourism development.” He stated.
Earlier, the leader of the delegation, Amb. Desmond Akawor, revealed that the commission received the request from the state government to access N172.75Billion from the Development and Natural Resources Fund for developmental projects in the state. He called on the government to invest more on tourism describing it as gold mine for both the state and national development.
Amb. Akawor, who is the Chairman of the Committee on Fiscal Efficiency and Budget, noted the decision of the Federal Government to move from its monolithic economy to create other avenues for the sub-nationals to access revenue outside of oil and gas with the approval that 1.68percent of the Federal allocation be dedicated for development of natural resources through RMAFC which is in charge of mobilization of resources and distribution through a committee called fiscal efficiency and budget.
He also stressed that such projects the state is expected to engage in should be the ones that are capable of generating revenue for the state in the drive to boost its economy outside the federal allocation. The Chairman however revealed that what the committee has seen in Ekiti has been quite impressive especially in the area of tourism and hope to make its candid recommendation to the Federal Government for necessary approval.
Also at the meeting were the Commissioner for Budget and Economic Planning, Mr Femi Ajayi; Commissioner for Agriculture and Food Security, Mr Ebenezer Boluwade; Commissioner for Trade, Industry, Investment and Cooperatives, Mrs Tayo Adeola, Special Adviser to the Governor on Media, Mr Yinka Oyebode and the Director General EKDIPA, Ms Lolade Oduwole, Director General, Bureau of Tourism Development, Amb Wale Ojo-Lanre; among others.
