FG establishes Disaster Relief Fund to combat flooding
By Kunle Sanni
The Federal Government of Nigeria has launched a Disaster Relief Fund to tackle the increasing occurrence of natural disasters, particularly flooding, across the nation.
The announcement was made on Monday by the Minister of Information and National Orientation, Mohammed Idris. The fund will be chaired by Tony Elumelu, Chairman of the United Bank for Africa (UBA), a prominent figure in Nigeria’s business landscape.
“This initiative will be led by Mr. Tony Elumelu, Chairman of UBA,” Idris stated.
This strategic move follows President Bola Tinubu’s recent visit to flood-affected communities in Borno State, where he underscored the pressing need for a dedicated disaster relief fund to address the escalating effects of climate change.
The newly established fund will mobilize resources from the organized private sector, aiming to strengthen the country’s disaster response capabilities.
In a related development, the Federal Executive Council has instituted a technical committee to review the structural integrity of dams nationwide, with particular attention to the Alau Dam in Borno State. This committee, headed by the Minister of Water Resources and Sanitation, Joseph Utsev, will assess the vulnerability of Nigeria’s dams to potential flooding and other climate-related disasters.
According to Utsev, while existing relief mechanisms are available through agencies like the National Emergency Management Agency (NEMA), the new Disaster Relief Fund is specifically designed to address the increasing challenges posed by climate change. It will enhance the nation’s capacity to swiftly respond to disasters and minimize their impact on vulnerable communities.
In a broader economic context, the Minister of Finance and Coordinating Minister of the Economy, Wale Edun, announced that the Federal Executive Council has approved the Economic Stabilisation Bill, which will be forwarded to the National Assembly for consideration.
The bill is grounded in the recommendations of the Presidential Fiscal Policy and Tax Reform Committee and includes provisions for amendments to the Companies Income Tax, aimed at improving fiscal stability and economic resilience.
