Federal Executive Council (FEC) has approved the establishment of a Disaster Management Fund.
The Minister of Finance and Coordinating Minister of the Economy, Wale Edun, stated this on Monday while briefing journalists shortly after the FEC meeting chaired by President Bola Tinubu at the Presidential Villa Abuja.
The Fund is to source finances from the three tiers of government and private sector players for flood victims.
According to the minister, in this era of climate change, no matter the prevention measures in place, disasters will still occur.
He emphasized the importance of pooling funds from various sectors and being prepared when disasters strike.
Edun also revealed that the council passed the Economic Stabilization Bill, which is largely based on the recommendations of the Fiscal Policy and Tax Reform Committee.
He explained that this bill is aimed at implementing the committee’s recommendations, including proposed amendments to the Companies Income Tax.
Meanwhile, the Federal Government, through the Nigeria Hydrological Services Agency (NIHSA), has proposed to build five buffer dams to contain incessant floodings which often arise from the release of water from the Lagdo Dam in Cameroon.
The Agency also warned Nigerians resident in floodplains to relocate immediately to safe spaces in anticipation of attendant floods that annually come with the release of water from the Lagdo Dam.
NIHSA listed flood-prone states to include Adamawa, Taraba, Benue, Nasarawa, Kogi, Edo, Delta, Anambra, Bayelsa, Cross Rivers, and Rivers.