The Federal Executive Council (FEC) announced on Monday its formal approval for the establishment of a groundbreaking Humanitarian and Poverty Alleviation Trust Fund in Nigeria. This significant initiative is aimed at addressing the economic challenges faced by the country’s vulnerable population and is part of the government’s commitment to social upliftment.
President Asiwaju Bola Ahmed Tinubu presided over the weekly FEC meeting held at the State House, during which the approval was conveyed to the cabinet members in attendance.
Dr. Betta Edu, Minister of Humanitarian Affairs, presented the details of the trust fund to State House correspondents after the meeting. The fund is expected to generate an estimated $5 billion annually, drawing contributions from the government, donors, the private sector, philanthropic individuals, and other innovative forms of resource mobilization.
Edu revealed that a governing board will oversee the fund’s implementation, involving key stakeholders relevant to the process. She emphasized that the establishment of the trust fund represents a flexible financing solution to address humanitarian crises, emergencies, internal displacement challenges, and the pervasive issue of poverty in Nigeria.
“The approval of this trust fund is a victory for the impoverished and aligns with the Renewed Hope Agenda of President Bola Ahmed Tinubu,” Minister Edu stated. “This initiative is a substantial step towards bringing relief to those who need it most.”
Furthermore, during the FEC meeting, the council approved the ratification of the African Charter protocol on the protection of the rights of older persons in Nigeria. This move reaffirms Nigeria’s commitment to ensuring the welfare and protection of older citizens, thereby preventing discrimination at all levels.
Minister Edu noted, “The approval of this protocol demonstrates Nigeria’s dedication to protecting the rights and well-being of older persons within our society. President Bola Ahmed Tinubu’s government is fully committed to ensuring their welfare.”
Dr. Betta Edu previously announced the establishment of the Humanitarian and Poverty Alleviation Trust Fund at the 78th United Nations General Assembly (UNGA) in New York, United States, held in September. These initiatives are part of the resolutions and commitments made by President Tinubu and his delegation during the UNGA78.
Edu highlighted that the funding for the trust fund would be structured with 30 percent contributed by the federal government and the remaining 70 percent sourced from donor agencies, the private sector, and other international development partners.
The minister explained that the trust fund would have a well-structured governance system to ensure accountability, transparency, and a reduction in bureaucratic obstacles, thereby enabling swift and effective responses to humanitarian challenges throughout the country.
The approval of the Humanitarian and Poverty Alleviation Trust Fund underscores the government’s commitment to addressing pressing socio-economic issues and heralds a new era in Nigeria’s fight against poverty and its dedication to protecting the rights of older citizens.
