Tinubu Approves Poverty Alleviation Trust Fund, Targets $5b Annually

President Bola Tinubu has approved a humanitarian and poverty alleviation trust fund to address the escalating poverty in the country.

Minister of Humanitarian Affairs, Betta Edu, disclosed this to State House correspondents on Monday after the federal executive council meeting presided over by President Tinubu at the Presidential Villa .

According to her, the government is targeting $5 billion annually from the trust fund.

She said, “Today, the council approved the humanitarian and poverty alleviation trust fund to be put together under a governing board. The implementation of this humanitarian and poverty fund will be carefully worked out by members of the committee.

“Of course, it will involve the Minister for Finance and other relevant ministers in the process.

“This is a flexible form of financing designed to help Nigeria adequately respond to humanitarian crises and challenges while effectively addressing the issue of poverty in Nigeria.

“This is indeed a victory for the poor and aligns with the renewed hope agenda.

The minister also announced that the council ratified the protocol on the protection of the rights of older persons in Nigeria.

“We have signed up to the African charter, making us one of the countries within Africa that has approved the protection of older people, ensuring they are not discriminated against at any level.

“The government of President Bola Ahmed Tinubu is interested in their welfare and protecting their rights.”

During his briefing, Minister for Solid Mineral Development, Dele Alake, stated that the council approved a draft policy covering the entire solid mineral sector, encompassing oil activities, operations, guidelines, regulatory framework, sourcing, mining, and all other dynamics in the sector.

He said the approval empowers the ministry to act precisely on various issues, including security measures, combating illegal mining activities across the country, and securing Nigeria’s economic survival.

Alake added, “The solid mineral sector is critical to Nigeria’s economic survival due to ongoing changes in the global oil market, the push for climate change, and the shift towards green energy.

“Illegal mining activities, from artisanal miners to high-level involvement, are significant challenges.

We are reorganizing the security structure and engaging inter-agency cooperation to combat this menace.

“The approval today, as part of the policy, allows the Solid Minerals Ministry to act on all matters related to deregulation, management, operation, and environmental sanitization of the Solid Minerals sector.

“This makes the sector more investor-friendly, ensuring security and stability for investments and attracting both local and foreign investors.

“Therefore, the operationalization of the solid mineral sector through today’s policy approval aims to sanitize the sector,” he added.