FEC signs Poverty Alleviation Trust Fund with $5bn

The Humanitarian and Poverty Alleviation Trust Fund was mandated to be established by the Federal Government, and it is expected that $5 billion will be collected annually to maintain and operate the program.

At the meeting of the Federal Executive Council that took place on Monday at the Presidential Villa in Abuja and was presided over by President Bola Tinubu, the decision to float the trust fund was approved and ratified.

Betta Edu, who serves as the Minister of Humanitarian Affairs and Poverty Alleviation, has stated that the cash would go a long way toward addressing any emergency crisis that may arise inside the nation.

Wale Edun, the Minister of Finance and Coordinating Minister for the Economy, together with other ministers, were co-opted into the board in order to ease the board’s smooth operations, particularly with regard to the solicitation of funds from donor organizations.

Edu stated that, “Today, Council approved the establishment of Humanitarian and Poverty Alleviation Trust Fund, which will come under the supervision of 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 the Coordinating Minister for the Economy, in addition to other Ministers who are relevant to the process,” the Minister for Finance said. This is a form of financing that is flexible, and it is intended to assist Nigeria in appropriately responding to humanitarian crises and issues, as well as in appropriately addressing the issue of poverty in Nigeria. This is, without a doubt, a triumph for those who are less fortunate, and it would, in fact, bring aid and assistance, which is what the Renewed Hope Agenda stands for.

The minister disclosed that the Federal Executive Council (FEC) ratified the protocol on the protection of the rights of older persons in Nigeria, which was an event that was relevant to this development.

She mentioned that Nigeria had previously signed up to the African Charter, which makes it one of the countries on the African continent that has agreed that older people have a right to protection and should not be discriminated against at any level. She also mentioned that she was aware that Nigeria had previously signed up to the African Charter.