On Monday, (Oct. 23, 2023), the Federal Executive Council (FEC) approved the establishment of a $5 million yearly trust fund for projects aimed at reducing poverty and promoting humanitarian aid.
The weekly FEC meeting was presided over by President Bola Tinubu, who also informed the cabinet members in attendance at the State House of the approval.
Following the meeting, Minister of Humanitarian Affairs Betta Edu told State House media that the fund aims to raise $5 million annually.
The Minister’s Remarks
A governing board will be established, according to Edu, to oversee the fund’s operations.
The minister said the governing board “will involve the minister for finance and 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,” she added.
“This of course is a victory for the poor and indeed, would bring help and succor which the Renewed Hope Agenda stands for,” she said.
She added that the convention intended to protect Nigeria’s older population’s rights has been formally ratified by the council.
“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,” she added.
While giving a speech at the 78th United Nations General Assembly (UNGA) in New York, United States, in September, Edu revealed plans to establish the fund.
According to Edu, donor agencies are likely to supply the remaining 70% of the cash, with the federal government slated to provide 30%.
The minister stated that the fund will have an organized governance structure in place, emphasizing its dedication to openness and responsibility.
