The Lagos State government, on Tuesday, took steps to draw about N96 billion from the Development of Natural Resources Fund, DNFR, account to boost its tourism, agricultural and solid minerals development efforts
The DNFR is a fund overseen by the Fiscal Efficiency and Budget Committee of the Revenue Mobilisation and Fiscal Allocation Commission, RMFAC.
It houses the 1.68 per cent of the nation’s revenue paid directly from the federation account in line with the law, for allocation to states on request by RMFAC for development projects in the areas of tourism, agriculture and solid minerals.
States can only access the fund when they apply to RMFAC and are able to show convincing project initiatives on which the money would be utilised.
A member of the committee and commissioner representing Bayelsa State in the commission, Mr Alfred Egba confirmed in an interview that the Lagos State has applied for the funds for investment in the three sectors.
He said it was on the strength of the request by the government that the committee visited the Imota rice mill, the Imota rice farms and the Imota limestone/clay production projects of the state government, where the money is expected to be invested, if approved by the commission.
Chairman of the committee, Alhaji Adamu Shetima Yuguda Bibal, during the visit to Governor Babajide Sanwo-Olu said his committee would be fair in the handling of all requests for allocation of the funds.
The chairman used the opportunity of their visit to the governor to sympathise with him on the death of the first civilian governor of the state, Alhaji Lateef Jakande.