The Federal Executive Council, FEC, on Monday has approved the establishment of a Humanitarian and Poverty Alleviation Trust Fund.
President Bola Tinubu, who presided over the weekly FEC meeting, conveyed the approval to the cabinet members in attendance at the State House.
The Minister of humanitarian affairs, Dr Betta Edu who briefed State House correspondents at the end of the meeting, said the fund is expected to garner up to $5 billion annually from Government, Donors, Private sector, Philanthropic individuals and other innovative forms of resource mobilization.
Edu mentioned a governing board that would oversee the fund’s implementation, adding that the governing board “will involve key stakeholders that are relevant to the process.”
“This is a flexible form of financing that is intended to assist Nigeria in adequately responding to humanitarian crises, emergencies, and challenges of internal displacement, as well as adequately addressing the issue of poverty in Nigeria.”
“This of course is a victory for the poor and indeed, would bring help and succor which the Renewed Hope Agenda stands for” , she went on to say.
Edu disclosed that the council also approved the ratification of the African Charter protocol on the protection of the rights of older persons in Nigeria.
“We have signed up to the African charter and this has made us one of the countries within Africa that has approved that older people be protected and should not be discriminated against at any level.
“this gives older Persons a lot of protection and the government of President Tinubu is interested in their welfare and protecting their rights”, Edu said.
In September, Edu announced the establishment of the trust fund while speaking on the sidelines of the 78th United Nations General Assembly, UNGA, in New York. These are some of the resolutions that the President and his Delegation reached at UNGA78.
She stated that the federal government will provide 30% of the funding, with the remaining 70% coming from donor agencies, the private sector, and other nations’ development partners, among others.
The Minister said the fund would have several governing cadres with a structure that would show accountability and transparency, while reducing bureaucracy in putting up an adequate response to humanitarian challenges in any part of the country.