Federal Executive Council Approves Establishment of Humanitarian Trust Fund to Generate $5 Billion Annually
The Federal Executive Council (FEC) has granted its approval for the establishment of the Humanitarian and Poverty Alleviation Trust Fund, which will operate under the oversight of a governing board.
Betta Edu, the Minister of Humanitarian Affairs and Poverty Alleviation, announced this significant development while addressing State House correspondents shortly after the FEC meeting at the Presidential Villa in Abuja on Monday. She emphasized that this fund represents a versatile financing mechanism intended to bolster Nigeria’s capacity to respond to humanitarian crises and address poverty in the nation.
Edu explained that the Federal Government’s ambitious goal is to raise a minimum of $5 billion annually for this trust fund, with contributions expected from various sources, including government sources, private sector entities, development partners, philanthropic individuals, and other innovative approaches to fund pooling.
The Minister also confirmed that the governing board will include the Minister of Finance and other relevant government officials who can effectively contribute to the trust fund’s objectives.
During the same FEC meeting, ministers of finance, education, and solid minerals disclosed other approvals, including financial initiatives aimed at reducing the number of out-of-school children and implementing technology and security measures to combat illegal mining across the country.
Betta Edu further revealed that Nigeria has formally endorsed the African Charter on the Protection of Older Persons, thereby becoming one of the ratified countries in Africa that have committed to ensuring that older individuals are treated with dignity and respect as equal members of society