The Federal Government has ordered the establishment of a Humanitarian and Poverty Alleviation Trust Fund with $5bn to be sourced annually to run the scheme.

The decision to float the Trust Fund was ratified at the Federal Executive Council meeting presided over by President Bola Tinubu on Monday at the Presidential Villa Abuja.

According to the Minister of Humanitarian Affairs and Poverty Alleviation, Betta Edu, the funds would go a long way in meeting any emergency in the country, as it occurs most times.

The Minister of Finance and Coordinating Minister for the Economy, Wale Edun, including other ministers, have been coopted into the board to facilitate its smooth operations, especially fundraising from donor organisations.

Betta said, “Today, Council approved the establishment of Humanitarian and Poverty Alleviation Trust Fund, which will come under a governing board, and then, of course, the implementation of that humanitarian and poverty, would be carefully worked out by committee members.

“Of course, it will involve the Minister for Finance and Coordinating Minister for the Economy, including other relevant ministers. This flexible form of financing is supposed to help Nigeria adequately respond to humanitarian crises and challenges and address the issue of poverty in Nigeria. This, of course, is a victory for the poor and would bring help and assistance, which the renewed hope agenda stands for”.

In a related development, the Minister revealed that FEC ratified the protocol on protecting the rights of older persons in Nigeria.

She noted that Nigeria had previously signed up for the African Charter, making it one of the countries within the continent that has approved that older people had a right to protection and should not be discriminated against at any level.