The Federal Executive Council (FEC) on Monday approved the establishment of a poverty alleviation trust fund, with a projection of attracting $5billion annually to help the administration tackle rising poverty in the country.
Minister of Humanitarian Affairs and Poverty Alleviation, Dr. Betta Edu who stated this while briefing State House Correspondents after the FEC meeting presided over by President Bola Tinubu at the Presidential Villa, Abuja said, the fund would be managed by a governing board.
The minister explained that the fund will be raised by the Federal Governing with the support of private sector players and willing international donor agencies.
“Today the council approved for the humanitarian and poverty alleviation trust fund so actually be put together under a governing board and then of course, the implementation of that humanitarian and poverty, would be carefully worked out by members of the committee,” the minister noted.
According to Minister Edu, the facilitating committees will involve the Minister for Finance and minister for the economy and other relevant ministries and agencies.
Dr. Edu had in August this year promised that the government of President Tinubu will create a trust fund for emergency and humanitarian responses in the country.
“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 succor which the renewed hope agenda stands for,” Dr. Edun said.
Last week, President Tinubu commenced the distribution of the N25,000 per month to 15 million households, as part of its strategy to tackle poverty in Nigeria.
The conditional cash transfer is one of 15 items in the Memorandum of Understanding signed between the Federal Government and the Organised Labour on October 2, 2023.