President Bola Tinubu
The Federal Government is setting up a $5 billion annual humanitarian and poverty alleviation Trust Fund as part of efforts of President Bola Tinubu’s led government to cushion the economic hardship on vulnerable Nigerians.
A press release by the Special Adviser on Media and Publicity to the Minister for Humanitarian Affairs and Poverty Alleviation, Rasheed Olanrewaju Zubair, said the Federal Executive Council (FEC) on Monday gave the approval for the establishment of the Trust Fund
President Tinubu, who presided over the weekly FEC meeting, conveyed the approval to the cabinet members in attendance at the State House.
Dr. 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 billion annually from government, donors, private sectors, 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.
According to her, the council also approved the ratification of the African Charter protocol on the protection of the rights of older persons in Nigeria.
Edu said, “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.”
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 Trust Fund and these are some of the implementations of some of the resolutions the President and his Delegation reached at UNGA78
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, the private sector, other nations’ development partners and others.
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.
