Abiodun seeks N83.5b DNRF loan to improve agriculture, others

Ogun State Governor Dapo Abiodun has sought the speedy approval of the N83.5 billion loan requested from the 1.68 per cent Development of Natural Resources Fund (DNRF) from the Revenue Mobilisation Allocation and Fiscal Commission (RAMFAC).

The loan, if approved according to the governor, would be used by the state to boost agriculture, tourism and other sectors of the state’s economy.

Abiodun stated this while playing host to members of Fiscal Efficiency and Budget Committee of RMFAC led by its Chairman, Alhaji Adamu Dibal, in his office at Oke-Mosan, Abeokuta.

The governor told members of the committee, who were on an evaluation tour of the state that the release of the fund would help diversify the state’s economy, as well as complete the construction of the agro cargo airport.

He emphasised that the fund would also be used to develop the agriculture, solid mineral, cultural, and tourism sectors towards the enhancement of Adire production and its chain values.

Abiodun noted that the agro cargo airport, which would be equipped with modern facilities and provided with agro-processing zone, would serve as a cargo hub for the West-Coast of Africa and provide job opportunities for the youths.

Chairman of the commission, Alhaji Adamu Dibal, in his response, said that members of the commission were in the state as part of the process required to access the DNRF as requested by the state government in 2020 to diversify the economy of the state.

He said that the fund was one of the items under the Special Funds established by the Revenue Allocation Act of 2004 to help all tiers of government in diversifying their economy base to create alternative sources of revenue and reduce dependence on oil revenues.