The Federal Government has ordered the establishment of the Humanitarian and Poverty Alleviation Trust Fund, with $5 billion to be sourced annually to run the scheme.
The decision to float the trust fund was ratified at the Federal Executive Council meeting presided over by President Bola Tinubu on Monday at the Presidential Villa, Abuja.
According to the Minister of Humanitarian Affairs and Poverty Alleviation, Betta Edu, the funds would go a long way in meeting any emergency situation in the country.
The Minister of Finance and Coordinating Minister for the Economy, Wale Edun, and other ministers were co-opted into the board to facilitate its smooth operations, especially fund-raising from donor organisations.
Edu said: “Today, Council approved the establishment of Humanitarian and Poverty Alleviation Trust Fund, which will come under a governing board and then, of course, the implementation of that humanitarian and poverty fund would be carefully worked out by members of the committee.
“Of course, it will involve the Minister for Finance and Coordinating Minister for the Economy, including 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. This, of course, is a victory for the poor and, indeed, would bring help and succour, which the Renewed Hope Agenda stands for.”
In a related development, the minister revealed that FEC ratified the protocol on the protection of the rights of older persons in Nigeria.
She noted that Nigeria had previously signed up to the African Charter, making it one of the countries within the continent that has approved that older people have a right to protection and should not be discriminated against at any level.