The Federal Executive Council (FEC) has approved the establishment of the Humanitarian and Poverty Alleviation Trust Fund, which will operate under a governing board.
Minister of Humanitarian Affairs and Poverty Alleviation, Betta Edu, made this announcement following the FEC meeting held at the Presidential Villa in Abuja on Monday. The fund is designed to provide flexible financing to support Nigeria’s response to humanitarian crises and address poverty in the country.
The Federal Government aims to generate a minimum of $5 billion annually for the trust fund through contributions from various sources, including the government, private sector, development partners, philanthropic individuals, and innovative funding mechanisms.
Edu also mentioned that the governing board will comprise key government officials, including the Minister of Finance, who are relevant to the operations of the trust fund.