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July 8, 2026
2w ago

Ruto Okays New Law Setting Aside Billions in Oil and Mineral Wealth for Future Generations

Ruto Okays New Law Setting Aside Billions in Oil and Mineral Wealth for Future Generations

The new law comes at a time when Kenya is seeking an overhaul in mineral value additional and attracting renewed interest in its non-renewable resources among the crude oil deposits...

✨ Key Highlights

President William Ruto has signed the Sovereign Wealth Fund Act, 2026 into law, establishing Kenya's first national savings fund to manage resource wealth for future generations.

  • 30 per cent of all mineral and petroleum revenues will be allocated to the Future Generations Fund.
  • The Kenyan government aims to manage resource wealth, cushion the economy, and finance strategic infrastructure.
  • The Act also creates a Stabilisation Fund and a Strategic Infrastructure Investment Fund, with strict investment rules and parliamentary oversight.

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Part of the Day's Coverage

Dangote Confirms Lamu as Location for Ksh2.59 Trillion Oil Refinery - July 2026

Africa's richest man Aliko Dangote has officially confirmed Lamu, Kenya as the site for his planned Ksh2.59 trillion ($20 billion) East African oil refinery, ending speculation about its location. President William Ruto appointed Deputy President Kithure Kindiki to chair a government committee overseeing the implementation of the Ksh2.2 trillion East African oil refinery project in Lamu. The National Treasury plans to amend the Public-Private Partnerships Act, proposing to remove the 30-year limit on PPP contracts and alter the approval and oversight processes. Meanwhile, President Ruto signed the Sovereign Wealth Fund Act, 2026 into law, establishing Kenya's first national savings fund to manage oil and mineral wealth for future generations.

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