The Federal Executive Council (FEC) has approved the establishment of the Humanitarian and Poverty Alleviation Trust Fund to cater for the various humanitarian needs and take relief to the vulnerable population in the country.
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The Council, which was chaired by President Bola Tinubu at the Council Chambers of the State House, also approved the application for a $3.45 billion World Bank financing for various projects, spread across five memoranda.
Minister of Humanitarian Affairs and Poverty Alleviation, Dr Betta Edu, who briefed journalists after the week’s FEC meeting, which was the third by the Tinubu’s administration, also disclosed that the newly approved trust fund will be running on an annual $5 billion revenue, projected to be pooled from various sources.
According to the Minister, there will be a Governing Board that will supervise the implementation of the fund as it will be carefully worked out by members of the committee.
“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,” she said.
Speaking on the importance of the approval, she said: “Again, we are grateful to President Bola Tinubu today for the approval given for the creation of the Humanitarian and Poverty Alleviation Trusts 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 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”, she said.
Asked how much the government was looking at, Edu said “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.”
Minister of Finance and Coordinating Minister of the Economy, Wale Edun, who also briefed after the Council meeting, said he secured approval for five loans totaling $3.45 billion from the Council meeting.
According to him, the funds are earmarked for projects that will bolster the power sector, renewable energy, education, and women’s empowerment.
He gave indications that funding for states resource mobilization program, which will help them with their internally-generated revenue efforts, was also encapsulated in the loan facility.
Edun also revealed that the loan facility had an initial 10 year moratorium at a very minimal interest rate to the Federal Government.
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