Lagos to have a share of 13% crude revenue derivation
The Center of Excellence of the Nation will soon begin to share in the 13 per cent revenue derivation paid to oil producing states.
Lagos joined the club of oil producers months ago, with the efforts of an indigenous oil company, Folawiyo Oil.
At a press briefing by several officials of the state government today, Commissioner for Energy and Mineral Resources, Mr. Wale Oluwo, said the State Government is set to access the 13 percent oil derivation.
He also urged the Federal Government to license more private sector participants in the oil and gas sector.
Also speaking on the Smart City Project and the Integrated Land Administration Automation project, Commissioner for Science and Technology, Mr Olufemi Odubiyi, said among many other benefits, the EGIS project would help promote and encourage a secondary mortgage market and facilitate investment in properties.
He added that the project would witness the installation of information highway-metro fibre and deployment of 4GLT across the State, adding that part of what government was trying to achieve was the full implementation of e-services like e-health and e-agric, among others.
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