President Bola Tinubu has approved the creation of a Humanitarian and Poverty Alleviation Trust Fund to raise $5bn annually.
The Minister of Humanitarian Affairs and Poverty Alleviation, Betta Edu, stated this while briefing State House correspondents shortly after the FEC meeting at the Presidential Villa Abuja on Monday.
She said the fund will be used to respond promptly to humanitarian situations in the country, including conflict, natural disasters, and poverty.
According to her, the Federal Government hopes to raise at least $5bn annually into the trust fund.
Edu explained that the funds will be sourced from the Federal Government, private and international organizations as well as well-meaning individuals.
She also assured that state governments will be carried along in the project.
On the care for the elderly, the minister said FEC took a decision to ratify the protocol for the protection of the rights of old people in the country in line with the African Charter.