The announcement was made by the Minister of Humanitarian Affairs, Betta Edu, during a briefing with State House correspondents following the third Council meeting held at the Presidential Villa in Abuja, presided over by President Bola Tinubu.
Edu noted that the primary goal of this fund is to accumulate resources amounting to $5 million annually. The fund's implementation will be overseen by a Governing Board, which will be meticulously composed of members of the committee.
The Minister stressed that the committee will involve the Minister for Finance and other relevant government officials who are integral to the fund's implementation.
She said, “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 succor which the Renewed Hope Agenda stands for.”
On the importance of the approval, she said: “Again, we are grateful to President Bola Tinubu today for the approval given for the creation of the Humanitarian and Poverty Alleviation Trusts Fund.
“This is a flexible form of financing that can help us get contributions from different sectors. So we’re going to have contributions from government, from the private sector, development partners, individuals, philanthropic individuals, and other innovative forms of crowd-funding and pooling of funds together.