...Hope To Raise $5 Billion Annually To Fund Project
Lucky Obukohwo, Reporting
The Federal Executive Council (FEC) presided over by President Bola Tinubu has akoyed the establishment of a Humanitarian and Poverty Alleviation Trust Fund as part of the administration’s efforts to reduce the economic hardship brought in on vulnerable Nigerians due to the removal of fuel subsidy.
He conveyed his approval to a session of the Federal Executive Council (FEC) which he presided over at the Aso Rock Villa.
Minister of Humanitarian Affairs, Betta Edu, revealed this while briefing State House Correspondents alongside her colleagues from Information and Orientation, Education, Solid Minerals Development and Financing, said the fund is expected to garner up to $5 billion annually.
In her words, there would be a Governing Board to supervise the implementation of the Fund as it will be carefully worked out by members of the committee.
“It will involve the minister for finance and other ministers that are relevant to the process.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 succour which the Renewed Hope Agenda stands for…This is a flexible form of financing that can help us get contributions from different sectors. So we’re going to have contributions from the 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 an emergency response to the humanitarian crisis in Nigeria. Every other day we hear about the crisis, the floods and the rest of it. We need to be able to respond adequately as a country.”
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.”