The Ekiti State Government has initiated plans to access a N175.75 billion grant from the Natural Resources Development Fund (NRDF) through the Revenue Mobilization Allocation and Fiscal Commission (RMAFC), to reposition the state’s economy through strategic investments in solid minerals, agriculture, and tourism.
The State Governor, Mr Biodun Oyebanji, gave this indication during a meeting with the leadership of the RMAFC led by Amb. Desmond Akawor, in Ado-Ekiti on Thursday.
He said 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.
Addressing the RMAFC officials, who were in the state to carry out a feasibility Report and Recommendations on the proposed Natural Resources Development Fund (NRDF) Grant, Governor Oyebanji reiterated the commitment of his administration to industrial and entrepreneurial development as well as keeping the State in a perpetual state of economic growth and prosperity.
The Governor, who was represented at the meeting by his Chief of Staff, Mr Niyi Adebayo, added that the grant would assist in prioritizing the government’s key policies and programmes focused on strategic economic sectors in line with the Renewed Hope Agenda of President Bola Ahmed Tinubu as well as the shared prosperity agenda of his administration.
Governor Oyebanji highlighted the gains the state tends to derive from the grant to 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.
Governor Oyebanji reaffirms commitment to agriculture
The Governor also affirmed that his government would 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.
“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 landforms. 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.
RMAFC delegation calls on Ekiti to invest in tourism
Earlier, the leader of the RMAFC delegation, Amb. Desmond Akawor revealed that the commission received the request from the state government to access N172.75 billion from the Development and Natural Resources Fund for developmental projects in the state. He called on the government to invest more in tourism, describing it as a 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 can generate 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 around 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.
