Ekiti Govt Approves Establishment Of Wealth Fund Bill

Ekiti State Government has approved the establishment of a fund designed to receive, manage and invest in a diversified portfolio of medium and long term assets for the state, and for future generations of indigenes and residents.

The Special Adviser to the Governor on Media, Yinka Oyebode, said that approval for the establishment of the Fund, named Ekiti State Wealth Fund, was one of the decisions reached at the meeting presided over by Governor Biodun Oyebanji on Wednesday.

Oyebode, in statement titled, “Ekiti to establish state wealth fund”, said that the bill on the establishment of the state wealth fund would be presented to the State House of Assembly for legislative processing and subsequent passage into law.

It would be the first executive bill to be presented to the Assembly this year.

The governor’s media adviser said,

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.

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.

The executive also approved the establishment of the Ekiti State Environmental Protection and Watershed Management Agency at the meeting, having approved repeal of the Ekiti State Environmental Protection Agency 2009 and re-enacting of the Ekiti State Environmental Protection and Watershed Management Agency Law 2003

Oyebode stated that it also approved the presentation of the bill to the state assembly for legislative processing and passage into law.

According to him, when it becomes operational, the agency was expected to, among other responsibilities, initiate policies and carry out environmental research and acquisition of relevant environmental technology and report on the state of the environment; carry out public enlightenment and staff capacity development on sound methods of environmental protection and management, erosion prevention and control, watershed and catchment management.