Oyo State governor, ‘Seyi Makinde, has disclosed that the state has the economical wherewithal to generate up to $250m from the state Sovereign Wealth Fund (SWF) within some few years.
He made the disclosure as the State Executive Council, on Tuesday, approved the state Sovereign Wealth Fund to re-energise the economy of the state.
The state Commissioner for Information and Orientation, Prince Dotun Oyelade, made the disclosure in a press release detailing the outcome of the weekly State Executive Council meeting.
The commissioner stated that the Council identified the establishment of the Fund as beneficial to the economic wellbeing of the state, both in the short and long run.
He stated: “The principal objective of the Sovereign Wealth Fund is to generate wealth through diversification and prudent investment practices and transform financial assets of the state into tangible benefits for the masses.”
According to the commissioner, the establishment of the Oyo SWF will ensure economic stability, long-lasting wealth creation, infrastructural development and diversification of sources of revenue.
“Governor ‘Seyi Makinde confirmed that Oyo State has the economic wherewithal to generate up to $250 million from the project within the next few years,” the commissioner stated.
He also disclosed that the Council also approved that Oyo State should be more actively involved with the Nigeria Governors’ Forum (NGF), especially in the area of economic cooperation.
“To this end, the Council approved that Oyo State collaborates with the 35 other state governors to work with a financial consultant to process recovery and reconciliation of the excess crude account and petroleum profit tax account from 2009 to 2015,” he added.
Oyelade disclosed that the Council approved that Oyo State should join the NGF in employing another consultant to interface with federal agencies and development partners to ensure transparency and accountability.
The interfacing with federal agencies and development partners, he stated, would particularly be in the area of equitable distribution of funds to the states and local governments.
“Furthermore, the Council approved urgent intervention in the agricultural sector, particularly at the Fasola Agribusiness Industrial Hub and the farm estate development projects at Eruwa and Akufo.
“The Council observed local and international interests being shown by various dignitaries to the Fasola hub particularly,” he added.
The commissioner also disclosed that the Council approved the bulk purchase of pipes and repair materials by the Water Corporation of Oyo State (WCOS) to the tune of ₦359,047,500 million.
He stated that the approval was in order to consolidate access to portable water and reduce water wastage in the state.
“According to the Council, this will allow the Corporation to repair several pipe leakages and replace old pipelines to ensure the realisation of the Corporation of providing portable water supply to the people of the state,” Oyelade added.
The Council also, on Tuesday, approved the Bill for a law to establish a New Towns and Cities Development Authority (NTCDA).
“The new parastatal has been mandated to, among other things, facilitate new housing and industrial layouts, attract new businesses and industries to create employment opportunities.
“It will also seek to reduce overcrowding and pressure on existing urban areas, and to develop new cities based on technology and research to attract talents and foster innovations.
“The function of the proposed NTCDA was in view of the spate of infrastructural development going on all over the state and the influx of new residents and investors to Oyo State, particularly the municipality,” Prince Oyelade stated in the release.