The Federal Executive Council (FEC) on Monday endorsed the formation of a $5 million annual trust fund dedicated to humanitarian and poverty alleviation initiatives.
President Bola Tinubu chaired the weekly FEC meeting and communicated the approval to the cabinet members present at the State House.
Betta Edu, the Minister of Humanitarian Affairs, addressed State House correspondents following the meeting, revealing that the fund’s annual target is set at $5 million.
According to Edu, there will be a governing board in place to supervise the execution of the fund.
The minister said the governing board “will involve the minister for finance and other ministers that are relevant to the process”.
She further conveyed that the council has officially accepted the ratification of the protocol designed to secure the rights of the elderly in Nigeria.
In September, Edu unveiled plans to create the fund while speaking at the 78th United Nations General Assembly (UNGA) in New York, United States.
Edu mentioned that 30% of the funding is anticipated to be provided by the federal government, with the remaining 70% expected to come from donor agencies.
According to the minister, a structured governance system will be implemented for the fund, highlighting its commitment to accountability and transparency.
