Tinubu's Bold Move: $5 Billion Trust Fund Targets Poverty in Nigeria

President Bola Tinubu has given the green light for the establishment of a humanitarian and poverty alleviation trust fund in a bid to combat the worsening poverty crisis in the nation. This announcement was made by the Minister of Humanitarian Affairs, Betta Edu, following the Federal Executive Council meeting, presided over by President Tinubu at the Presidential Villa.

The trust fund is set to target an annual budget of $5 billion, with the details of its implementation to be meticulously crafted by a governing board. This board will comprise members from various sectors, including the Minister of Finance and other relevant government officials. The objective of this fund is to provide a flexible form of financing that will allow Nigeria to effectively respond to humanitarian crises and confront the ever-pressing issue of poverty in the country. This initiative is seen as a significant victory for the impoverished population and is in line with the government's renewed hope agenda.

Furthermore, the council also ratified the protocol on the protection of the rights of older persons in Nigeria, signifying the government's commitment to safeguarding the welfare and rights of the elderly population.

In a separate development, the Minister for Solid Mineral Development, Dele Alake, reported that the council has approved a comprehensive policy that covers the entire solid mineral sector, including oil activities, operations, regulations, and environmental considerations. This move is pivotal in ensuring the sector's sustainability, particularly in light of global changes in the oil market, the focus on climate change, and the transition to green energy.

The policy approval empowers the Solid Minerals Ministry to address issues related to security, combat illegal mining activities across the nation, and secure Nigeria's economic future. The comprehensive approach is aimed at making the solid mineral sector more investor-friendly, thereby attracting both local and foreign investments and fostering stability and security in the industry. Ultimately, these measures are set to sanitize the sector and contribute to Nigeria's economic stability.