TheCable

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

The 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.

“By sending such an important piece of legislation to the House of Assembly for consideration, Ekiti has again shown its willingness to lead the way on good governance and fiscal responsibility in Nigeria,” Oyebode added.

In a similar vein, the state executive council also approved the establishment of the Ekiti State Environmental Protection and Watershed Management Agency at the meeting.

It approved the repealing of the Ekiti State Environmental Protection Agency Law of 2009 and re-enacting of the Ekiti State Environmental Protection and Watershed Management Agency Law of 2003.

The council also approved the presentation of the bill to the state assembly for legislative processing and passage into law.

When it becomes operational, the agency is expected to initiate policies,  carry out environmental research and acquisition of relevant environmental technology, and report on the state of the environment.

Other responsibilities include carrying out public enlightenment and staff capacity development on sound methods of environmental protection and management, erosion prevention and control, watershed and catchment management.