PS Omollo: Sovereign Wealth Fund to safeguard Kenya’s natural resource revenues
By Viola Kosome, July 12, 2026The enactment of the Sovereign Wealth Fund Act will provide a framework for managing revenues generated from Kenya’s natural resources and preserving part of the proceeds for future generations, Interior Principal Secretary for Internal Security Raymond Omollo has said.
Speaking during the Siaya Women Economic Empowerment Forum and Celebration of Widows at Barkalare Primary School in Gem Constituency on Saturday, July 11, 2026, Omollo said the new law addresses a long-standing gap in the management of income from the country’s natural resources.
“The president has now made this a reality. As a country, we must ensure that the wealth generated from our natural resources benefits our people today while also securing the future of generations to come,” Omollo said.
The legislation, recently assented to by President William Ruto, establishes a legal framework for the management, investment and saving of revenues from natural resources.
Fund targets future savings
President Ruto signed the Sovereign Wealth Fund Bill into law on July 8, 2026, paving the way for the establishment of the Kenya Sovereign Wealth Fund under the National Treasury.
The fund is expected to draw resources from petroleum revenues, mining royalties, proceeds from government investments in natural resource enterprises and other approved sources.
It will comprise three components: the Stabilisation Component, which will cushion the economy against revenue fluctuations; the Strategic Infrastructure Investment Component to finance national development projects; and the Future Generation (Urithi) Component, which will preserve part of the country’s wealth for future generations.
Under the law, at least 10 per cent of the fund’s resources will be allocated to the Future Generation Component. All revenues will first be deposited into a holding account at the Central Bank of Kenya before allocation to the three funds.
The Act also prohibits the use of the fund as collateral or for lending and limits investments to approved financial instruments.
Investment and service delivery
Omollo said the government intends to use the framework to strengthen investor confidence while attracting private investment to support development.
“We have an opportunity to attract private investment because government cannot do everything. As we attract those investments, we must ensure the resources and the money generated make a real difference in the lives of our people,” he said.
He added that more than 1,800 administrative units have been operationalised across the country since President Ruto assumed office, bringing government services closer to citizens.
The PS urged residents to register for national identity cards and participate in voter registration, saying the documents are important for accessing government services and participating in elections.
“We have registrars from the Independent Electoral and Boundaries Commission and the National Registration Bureau here today. Let us take advantage of this opportunity and register so that we can determine our destiny through the leaders we elect,” he said.
Calls for women’s empowerment
Omollo also highlighted government programmes in education, infrastructure and healthcare, citing increased enrolment under the Social Health Authority.
“Previously, only about eight million Kenyans were enrolled under NHIF, but today more than 32 million have registered under SHA. I urge those who have not enrolled to do so in order to benefit from affordable healthcare,” he said.
Addressing women attending the forum, Omollo encouraged beneficiaries of empowerment programmes to invest in businesses to improve household incomes.
“When women prosper, the entire community prospers. I encourage all beneficiaries to invest the support they have received in growing their businesses so they can improve their families’ livelihoods and educate their children,” he said.
The Sovereign Wealth Fund Act has also attracted public debate, with some stakeholders raising concerns over its implementation and the country’s fiscal position as Kenya moves to establish the new fund.