Question

Statement 1: Metal oxides are basic in nature.

Statement 2: Metal oxides neutralize the effect of acids and release water, similar to the reaction of a base with an acid.

Answer 1

Metal oxides react with acids to form salt and water, similar to the reaction of a base with an acid. Hence, metal oxides are basic in nature.
For example:
$MgO\left(s\right)+2HCl\left(aq\right)\to MgC{l}_2\left(aq\right)+H_{2}O\left(l\right)$

Hence, statements 1 and 2 are correct and statement 2 is correct explanation of statement 1.