Ekiti State Government, on Friday, commenced plans to access a N175.75 billion grant from the Natural Resources Development Fund (NRDF) through the Revenue Mobilisation Allocation and Fiscal Commission (RMAFC).
This is in a bid to facilitate a capital-intensive, knowledge-driven economy built around solid Minerals, Agriculture, and Tourism Development for global competitiveness.
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The State Governor, Biodun Oyebanji, gave this indication during a meeting with the leadership of the Revenue Mobilisation Allocation and Fiscal Commission (RMAFC) led by Desmond Akawor, in Ado-Ekiti on Thursday.
The RMAFC officials were in the state to conduct a feasibility Report and make recommendations on the proposed NRDF Grant.
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Mr Oyebanji, who was represented by Chief of Staff Niyi Adebayo, said the plan is to make Ekiti State the hub for prosperity, opportunity, peace, and progress and lay the foundation for a prosperous and self-sufficient future for the citizens.
He reiterated his administration’s commitment to industrial and entrepreneurial development and keeping the state perpetually in a state of economic growth and prosperity.
He said the grant would assist in prioritising the government’s key policies and programmes focused on strategic economic sectors in line with the Renewed Hope Agenda of President Bola Tinubu, as well as the shared prosperity agenda of his administration.
Mr Oyebanji highlighted the gains the state tends to derive from the grant, which include diversification of the State’s economy and revenue base, an increase in Internally Generated Revenue (IGR), and attracting foreign direct investments (FDI).
According to him, other gains included creating an enabling environment for Private Sector Investments to thrive, earning foreign exchange, and 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 and build and invest in a 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 utilised, and we shall do more in the area of tourism development,” he stated.
Earlier, Mr Akawor revealed that the commission received a 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 State and national development.
Mr Akawor, who is the chairperson 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 1.68 per cent of the federal allocation be dedicated for development of natural resources through RMAFC which is in charge of mobilisation of resources and distribution through a committee called fiscal efficiency and budget.
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He also stressed that the projects the state is expected to engage in should generate revenue for the state in its drive to boost its economy outside the federal allocation.
The Chairperson, however, revealed that what the committee has seen in Ekiti has been quite impressive, especially in the area of tourism. The committee hopes to make its candid recommendation to the federal government for necessary approval.
