Tinubu admin okays $5b annual fund for humanitarian, poverty alleviation


$5bn annual revenue planned for fund
$700m for adolescent girls’ education
A Humanitarian and Poverty Alleviation Trust Fund is to be established by the Federal Government for the purpose of providing relief to disaster victims and the vulnerable.

Thank you for reading this post, don't forget to subscribe!

The Federal Executive Council (FEC) which yesterday approved the idea projects a $5bn annual revenue for the fund.

Besides, FEC, the highest decision-making organ of the government, set aside $700m for adolescent girls’ education in the country.

Humanitarian Affairs and Poverty Alleviation Minister Betta Edu and her Education counterpart Tahir Mamman made these known to reporters after yesterday’s council meeting in Abuja.

Edu explained that a governing board to supervise the implementation of the fund would be carefully worked out by a committee made up of relevant ministers that are relevant to the process.

She said: “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.

”We are therefore grateful to President Bola Tinubu today for the approval given for the creation of the Humanitarian and Poverty Alleviation Trust Fund.

“This is a flexible form of financing that can help us get contributions from different sectors. So we’re going to have contributions from government, from the private sector, development partners, individuals, philanthropic individuals, and other innovative forms of crowd-funding and pooling of funds together.

“This to allow for an emergency response to humanitarian crisis in Nigeria. Every other day we hear about crisis, the floods and the rest of it. We need to be able to respond adequately as a country. Beyond this, the issue of poverty alleviation is one of the agendas of President Bola Ahmed Tinubu in his eight-point agenda and we want to be able to tackle it headlong.

”Every year we hope to be able to raise at least $5 billion within this fund and this is from the various sources that I’ve mentioned and even more. 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 modality of implementation in Nigeria.”

The minister said that FEC also approved the ratification of the Protocol on the protection of the rights of older persons in Nigeria.

“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 said.

”With the mindset of driving away the local population and moving in to explore, it’s technology that is helping us decipher these. We are working with the National Security Adviser (Nuhu Ribadu) the Inspector General of Police Kayode Egbetokun),” Edu added.

Education Minister Mamman spoke on President Bola Tinubu’s administration’s poise to reduce or eradicate out-of-school children menace in the country.

Mamman said: ”Initially, from seven participating states, we now have about 11 additional states participating in this project, which will lead to the empowerment of girls between 10 to 20 years right across the participating states.

”This is a very major escalation of this programme that is meant to empower our girls, our teachers and the provision for additional schools in the country.”

Share post:



More like this

Nigeria Earns $1.2 Billion Annually from Livestock Exports, MACBAN Reports

Nigeria earns approximately $1.2 billion each year from the...

Nigeria Sovereign Investment Authority Awards $220,000 to Top Startups at NSIA Prize for Innovation

The Nigeria Sovereign Investment Authority (NSIA) has awarded a...

Nigeria Says Foreign Exchange Inflows from IMTOs Surge by 38.86% to $1.07bn in Q1 2024

Foreign exchange inflows from International Money Transfer Operators (IMTOs)...

Mercury to Terminate Accounts of Nigerian Businesses and Others by August 2024

American financial technology company Mercury has announced plans to...
× How can I help you?