Abiodun seeks N83.5b loan for agriculture, solid minerals, cargo airport

   Abiodun seeks N83.5b loan for agriculture, solid minerals, cargo airport

Ogun Governor Prince Dapo Abiodun

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, will be used by the state to boost agriculture, tourism and other sectors of the economy.

Abiodun spoke yesterday when he received members of the Fiscal Efficiency and Budget Committee of RMFAC led by its Chairman, Alhaji Adamu Dibal, in his office at Oke Mosan, Abeokuta.

They were on evaluation tour of the state.

The governor said that the release of the fund would help diversify the state’s economy as well as complete the ongoing building of the Agro Cargo Airport.

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He said 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, when completed, would serve as a cargo hub for the west coast of Africa and would provide job opportunities for youths.

Dibal said members of the commission were in the state as part of the process required to access N83.5billion from the 1.68 per cent Development of Natural Resources Fund requested by the state government in 2020 to diversify the economy of Ogun State.

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