Ekiti To Establish State Wealth Fund

The Ekiti government has disclosed  plans to establish a state wealth fund.

The state wealth fund is designed  to receive, manage and invest in a diversified portfolio of medium and long term assets for the state.

The approval for the establishment of the fund was one of the decisions reached at the meeting of the state executive council in Ado-Ekiti, the Ekiti capital, on Wednesday.

The meeting was chaired by Biodun Oyebanji, the Ekiti state governor.

The council gave approval for a bill on the establishment of the Ekiti state wealth fund to be presented to the state house of assembly for legislative processing and subsequent passage into law.

“The Ekiti State Wealth Fund would among other things, build a savings base for the indigenes and residents of the state; provide for investments in the promotion of research and development in modern technologies and innovations,” a statement issued by Yinka Oyebode, special adviser to the governor on media, reads.

“It will also provide stabilisation support to the state government in times of economic stress as well as manage other funds and investments for the state.”

Akintunde Oyebode, the state commissioner for finance and economic development, said that the proposed fund was a clear sign that Ekiti is not only committed to fiscal discipline but has also prioritised investments by committing a portion of the wealth fund to catalysing private investments.