In bid to raise $5 billion per anum, the Federal Executive Council (FEC) has approved the Humanitarian and Poverty Alleviation Trust Fund.
Dr Betta Edu, the Minister of Humanitarian Affairs and Poverty Alleviation made the announcement while briefing the State House correspondents at the end of the third council meeting on Monday at the Presidential Villa, Abuja.
It is anticipated that the trust fund will allow the federal government to react quickly to national humanitarian emergencies.
The Federal Government, as well as private and foreign organisations and charitable individuals, will provide the cash.
Dr Edu sent her appreciation to Bola Tinubu for approving the fund’s establishment. She said that “every year we hope to be able to raise at least $5 billion within this fund, and this is from various funds and sources”.
The minister further added the fund was an adaptable source of funding that might assist the government in receiving donations from various industries.
“This is to allow for emergency response to humanitarian crisis in Nigeria,” the speaker continued.
“We are hopeful that with the creation of this funding, we can sit down with all the key stakeholders including other ministries and actually work out the full modalities of implementation in Nigeria,” she said.
According to Dr Edu, the FEC has also approved the protocol protecting the rights of Nigerian seniors.
“This action is consistent with Tinubu’s eight-point plan, which includes a direct assault on poverty,” she added.
“The complete implementation strategy still needs to be hammered out with important parties, such as other ministries.”
Dr Edu did, however, reassure that state governments would be included in the project.