President Bola Tinubu has granted his approval for the establishment of a trust fund focused on humanitarian aid and poverty alleviation to address the escalating poverty in the country,leadership reports.
The Minister of Humanitarian Affairs, Betta Edu, made this announcement to State House correspondents on Monday following the federal executive council meeting chaired by President Tinubu at the Presidential Villa.
Edu revealed that the government aims to secure an annual funding of $5 billion for the trust fund. She emphasized that the implementation of the humanitarian and poverty alleviation fund will be meticulously planned by the members of the committee, including the Minister for Finance and other relevant ministers.
The fund represents a flexible financial mechanism designed to enable Nigeria to respond effectively to humanitarian crises and challenges while also tackling the issue of poverty in the country. Edu stated that this development is a significant step in supporting the impoverished and aligns with the renewed hope agenda.
Furthermore, the Minister disclosed that the council ratified the protocol on the protection of the rights of older persons in Nigeria. Nigeria’s commitment to the African charter on this matter ensures that older individuals will not face discrimination at any level, reinforcing President Bola Ahmed Tinubu’s commitment to their welfare and rights.
In addition, Minister for Solid Mineral Development, Dele Alake, mentioned that the council has approved a comprehensive policy covering the entire solid mineral sector, encompassing oil activities, operations, guidelines, regulatory framework, sourcing, mining, and all other aspects within the sector. This approval empowers the ministry to address various issues, including security measures, combating illegal mining activities nationwide, and safeguarding Nigeria’s economic stability.
Alake stressed the critical importance of the solid mineral sector to Nigeria’s economic well-being, especially in light of global changes in the oil market, the focus on climate change, and the transition to green energy. He acknowledged the significant challenges posed by illegal mining activities, from artisanal miners to high-level involvement, and highlighted the government’s efforts to reorganize security structures and promote inter-agency cooperation to combat this issue.
The policy’s approval enables the Ministry of Solid Minerals to take effective measures regarding regulation, management, operation, and environmental preservation within the sector. This move aims to make the sector more attractive to investors, ensuring security and stability for both local and foreign investments, ultimately leading to the sector’s purification and growth.