The creation of a Trust Fund for Humanitarian and Poverty Alleviation has received approval from the Bola Tinubu-led Administration.
The President informed the cabinet members present in the State House, where the Federal Executive Council (FEC) met on a weekly basis, of the approval.
At the conclusion of the meeting, Betta Edu, the minister of humanitarian affairs, explained the trust fund’s role in the administration’s attempts to lessen the financial hardship experienced by disadvantaged Nigerians.
According to Edu, the fund might bring in up to $5 million annually. He also mentioned that there would be a governing council to oversee how the fund was used.
The minister said the governing board will involve the Minister for finance and other ministers that are relevant to the process.
She said: “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.”
The minister said the FEC also approved the ratification of the protocol on the protection of the rights of older persons in Nigeria.
She added: “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.
“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.”
Edu announced the creation of the fund in September at a speech on the sidelines of the 78th United Nations General Assembly (UNGA) in New York, United States.
Edu stated that 30% of the funding is anticipated to come from the federal government, with the remaining 70% coming from donor organisations.
She stated that the fund would have a number of governing cadres and a framework that would demonstrate openness and accountability.
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