The Federal Executive Council on Monday approved the establishment of a humanitarian and poverty alleviation trust fund as part of the administration’s efforts to cushion the economic hardship on vulnerable Nigerians.
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. Beta 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.
According to Edu, there would be a governing board that would supervise the implementation of the fund.
The minister said the governing board “will involve key stakeholders that are relevant to the process.”
“This is a flexible form of financing that is supposed to help Nigeria adequately respond to humanitarian crises, emergencies and internal displacement challenges as well as adequately address 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 added.
She said 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 Bola Ahmed Tinubu is interested in their welfare and protecting their rights,” Edu said.
In September, Edu, while speaking on the sidelines of the 78th United Nations General Assembly in New York, United States, announced the setting up of the trust fund.
These are some of the implementations of some of the resolutions that the President and his delegation reached at UNGA78
Edu said 30 percent of the funding is expected to come from the Federal Goverment while the balance of 70 percent is expected from donor agencies, private sector, other nations’ development partners.
According to the minister, 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.