30.08.2011 - Of governorsígrouse and Jonathanís lecture sovereign wealth fund
The state chief executives had originally agreed to back the Fund as a way of resolving the issue surrounding the constitutionality or otherwise of the Excess Crude Account. The reasoning was that instead of operating an illegal account and instead of spending all earnings without saving for the rainy days, the Fund should be created and operated as international investment fund to serve as savings for future generations and as a returns-yielding venture. This is the practice adopted by most oil producing nations, especially as they realise that oil is an exhaustible natural resource..............................................Full Article: Source
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