The Federal Executive Council (FEC) 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.
Betta Edu, minister of humanitarian affairs, who briefed State House correspondents at the end of the meeting, said the fund is expected to garner up to $5 million annually.
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 the minister for finance and other ministers that are relevant to the process”.
“This is a flexible form of financing that is supposed to help Nigeria adequately respond to humanitarian crises and challenges as well as adequately address the issue of poverty in Nigeria,” she added.
“This of course is a victory for the poor and indeed, would bring help and succor which the Renewed Hope Agenda stands for.”
She said the council also approved the ratification of the 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,” Edu said.
“And this gives them a lot of protection and the government of President Bola Ahmed Tinubu is interested in their welfare and protecting their rights.”
In September, Edu, while speaking on the sidelines of the 78th United Nations General Assembly (UNGA) in New York, United States announced the setting up of the fund.
Edu said 30 percent of the funding is expected to come from the federal government while the balance of 70 percent is expected from donor agencies.
According to the minister, the fund would have several governing cadres with a structure that would show accountability and transparency.