In a landmark decision aimed at addressing the growing issue of poverty within Nigeria, President Bola Tinubu has given the green light for the creation of a groundbreaking Humanitarian and Poverty Alleviation Trust Fund.
The announcement was made by the Minister of Humanitarian Affairs, Betta Edu, following the Federal Executive Council meeting held at the Presidential Villa.
The primary objective of this trust fund is to alleviate poverty in Nigeria, and the government has set an ambitious annual target of $5 billion for it.
This funding will be crucial in providing assistance to those in need and responding effectively to humanitarian crises across the country.
The trust fund will be governed by a carefully selected board, ensuring transparency and efficient resource allocation.
Minister Betta Edu explained, “Today, the council approved the humanitarian and poverty alleviation trust fund to be put together under a governing board.
The implementation of this humanitarian and poverty fund will be carefully worked out by members of the committee, involving the Minister for Finance and other relevant ministers in the process.
This is a flexible form of financing designed to help Nigeria adequately respond to humanitarian crises and challenges while effectively addressing the issue of poverty in Nigeria.
This is indeed a victory for the poor and aligns with the renewed hope agenda.”
In addition to this groundbreaking initiative, the council ratified the protocol on the protection of the rights of older persons in Nigeria.
This move solidifies Nigeria’s commitment to ensuring that the elderly are not discriminated against at any level, aligning with the government’s dedication to their welfare and rights.
Minister for Solid Mineral Development, Dele Alake, also unveiled a significant development during the meeting.
The Federal Executive Council approved a comprehensive policy covering the entire solid mineral sector, which includes regulations, operational guidelines, and frameworks for activities in the sector.
This policy approval empowers the Ministry of Solid Mineral Development to address various issues, including security measures and combating illegal mining activities nationwide.
Dele Alake emphasized the importance of the solid mineral sector in Nigeria’s economic survival, especially in light of global oil market changes and the transition towards green energy.
He stated, “Illegal mining activities, from artisanal miners to high-level involvement, are significant challenges.
We are reorganizing the security structure and engaging inter-agency cooperation to combat this menace.”
The approval of this policy not only enhances the sector’s appeal to investors but also ensures its long-term sustainability and economic stability.
With this policy in place, Nigeria aims to attract both local and foreign investors, ultimately fostering a secure and stable environment for investments in the solid mineral sector.
In summary, President Tinubu’s approval of the Humanitarian and Poverty Alleviation Trust Fund, the commitment to protecting the rights of older persons, and the comprehensive policy for the solid mineral sector demonstrate the government’s dedication to addressing pressing issues and securing Nigeria’s economic future
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