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Just in: Trump launches first US sovereign wealth fund
U.S. President Donald Trump signed an executive order ordering the creation of a sovereign wealth fund within the next year, saying it could potentially buy the short video app TikTok.
If created, the sovereign wealth fund could place the U.S. alongside numerous other countries, particularly in the Middle East and Asia, that have launched similar funds as a way to make direct investments with government dollars.
The text of the executive order was sparse on details, and simply directed the Treasury and Commerce Departments to submit a plan for such a fund within 90 days, including recommendations on “funding mechanisms, investment strategies, fund structure, and a governance model.”
Typically such funds rely on a country’s budget surplus to make investments, but the U.S. operates at a deficit. Its creation also would likely require approval from Congress.
“We’re going to create a lot of wealth for the fund,” Trump told reporters. “And I think it’s about time that this country had a sovereign wealth fund.”
Trump had previously floated such a government investment vehicle as a presidential candidate, saying it could fund “great national endeavors” like infrastructure projects such as highways and airports, manufacturing, and medical research.
Administration officials did not say how the fund would operate or be financed, but Trump has previously said it could be funded by “tariffs and other intelligent things.”
Treasury Secretary Scott Bessent told reporters the fund would be set up within the next 12 months.
“We’re going to monetize the asset side of the U.S. balance sheet for the American people,” Bessent said. “There’ll be a combination of liquid assets, assets that we have in this country as we work to bring them out for the American people.”
One approach would be to convert the U.S. International Development Finance Corp (DFC) to function similar to a sovereign wealth fund, which the Trump administration reportedly considered in recent months, Bloomberg News reported. The DFC is a government agency that currently partners with private parties to finance projects in the developing world.
Trump announced Friday he was nominating Benjamin Black to head that development agency. Black, a managing partner at investment firm Fortinbras Enterprises, is the son of Leon Black, the co-founder of asset management firm Apollo Global Management.
The Biden administration also was considering establishing such a fund prior to Trump’s election in November, according to The New York Times and Financial Times.
But precisely how such a fund would be structured, and funded, remained unclear. Several experts said Congress would likely need to authorize new funding given the lack of an existing surplus to tap. The order directed officials to review any need for legislation.
Clemence Landers, a former Treasury official who is now with the Center for Global Development, said there has been talk of repurposing the DFC but setting up such a fund would require Congress.
“Obviously you can’t establish an institution by executive order and more to the point is you can’t fund an institution by executive order,” she said.
Investors said the news came as a surprise.
“Creating a sovereign wealth fund suggests that a country has savings that will go up and can be allocated to this,” said Colin Graham, head of multi-asset strategies at Robeco in London. “The economic rules of thumb don’t add up.”
There are over 90 such funds across the world managing over $8 trillion in assets, according to the International Forum of Sovereign Wealth Funds.
Numerous U.S. states, including Alaska, Texas and New Mexico also have their own wealth funds, which help fund various priorities, including education and tax relief. They frequently rely on revenue raised by natural resources, like oil or land.
In another surprise twist, Trump suggested the wealth fund could buy TikTok, whose fate has been up in the air since a law requiring its Chinese owner ByteDance to either sell it on national security grounds or face a ban took effect on Jan. 19.
Trump, after taking office on Jan. 20, signed an executive order seeking to delay by 75 days the enforcement of the law.
Trump has said that he was in talks with multiple people over TikTok’s purchase and would likely have a decision on the app’s future in February. The popular app has about 170 million American users.
“We’re going to be doing something, perhaps with TikTok, and perhaps not,” Trump said. “If we make the right deal, we’ll do it. Otherwise, we won’t…we might put that in the sovereign wealth fund.”
The Rivers State Sole Administrator, Vice Admiral Ibok-Ete Ibas (retd.), has replied to the Nigerian Bar Association regarding the reason for relocating its Annual General Conference from Port Harcourt to Enugu State.
Ibas faulted the reason cited by the NBA, describing it as misleading and uncharitable.
The Sole Administrator stated this in a statement issued in Port Harcourt on Monday by his media aide, Hector Igbikiowubo, and sent to newsmen.
He said while the NBA reserves the right to choose a venue for its conference, the association had yet to address the issue of the refund of the hosting rights paid by the state government for the conference.
The statement partly reads, “While we respect the NBA’s right to choose its conference venues, we find it curious that the association—despite its “principled position”— didn’t address the refund of the N300 million already paid by the Rivers State Government for the hosting rights of the 2025 conference.
“If the NBA truly stands on principle, it should demonstrate the same integrity by promptly returning these funds rather than benefiting from a state it now publicly discredits.”
It added, “The attention of the Rivers State Government has been drawn to the Nigeria Bar Association’s announcement dated 10th April 2025, relocating its 2025 Annual General Conference from Port Harcourt to Enugu.
The statement partly reads, “While we respect the NBA’s right to choose its conference venues, we find it curious that the association—despite its “principled position”— didn’t address the refund of the N300 million already paid by the Rivers State Government for the hosting rights of the 2025 conference.
“If the NBA truly stands on principle, it should demonstrate the same integrity by promptly returning these funds rather than benefiting from a state it now publicly discredits.”
It added, “The attention of the Rivers State Government has been drawn to the Nigeria Bar Association’s announcement dated 10th April 2025, relocating its 2025 Annual General Conference from Port Harcourt to Enugu.
By Francesca Hangeior
The Federal Government has unveiled the second phase of its contactless biometric passport application system across its four missions in United States, Mexico, Jamaica and Brazil.
The Nigeria Immigration Service NIS disclosed this in a tweet on its ‘X’ handle signed by Service Spokesman, ACI AS Akinlabi.
The statement reads; “ain continuation of the phased Roll-Out of the Contactless Biometric Passport Application System across Nigerian Missions abroad, the Nigeria Immigration Service under its
Comptroller General, Kemi Nanna Nandap wishes to inform the General public especially Nigerians in the Diaspora that it is implementing the next stage of the roll-out across the following countries.
“The Application System, which is currently available on Google Play Store (NIS Mobile), is designed to allow Nigerians to renew their passports without visiting any Passport Centre for Biometrics enrollment. The Apple Store version will be onboarded shortly and an enhanced version of the NIS Mobile App for both Android and iOS users will be deployed to further improve users’ experience and accessibility.
“With this roll-out, the Service further informs the General public that the Contactless Passport App is now available in Canada, the USA, Mexico, Jamaica, Brazil, Europe, and Asia. It is yet to be rolled out in Australia and Nigeria, a future date will be announced for both countries in due course.
“The Service remains committed to innovative and efficient Service Delivery to Nigerians anywhere in the world”.
By Francesca Hangeior
At least eight of the 1,800 candidates shortlisted for teaching positions under the Kwara State Teaching Service Commission have been disqualified after testing positive for banned substances.
This was disclosed in a statement on Monday by the TESCOM Press Secretary, Sam Onile, who quoted the Chairman of the Commission, Bello Abubakar.
According to the statement, the disqualified applicants tested positive for drugs, including benzodiazepine, tramadol, cotinine, marijuana, and amphetamine.
The tests were conducted by the National Drug Law Enforcement Agency with support from the state government.
Abubakar said the affected candidates would be replaced by the next best-performing applicants from their respective local government areas.
“A major implication of this development is that the affected individuals will be replaced by the candidates who are next to them in performance from their respective local government areas,” the statement said.
“The idea is to send an unmistakable message about the state government’s zero tolerance for drug abuse. We have a duty of care not to expose little children to drug abuse under any circumstances.”
The TESCOM chairman praised AbdulRazaq for insisting on a merit-based recruitment process, noting that the governor had again demonstrated fairness and commitment to quality education in the state.
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