The Federal Government has established a Disaster Relief Fund to address national disasters like flooding and is headed by the Chairman of United Bank for Africa (UBA), Mr Tony Elumelu.
The Fund is to source finances from the three tiers of government and private sector players for flood victims.
The Minister of Finance and Coordinating Minister of the Economy, Wale Edun, disclosed this to newsmen on Monday at the State House, Abuja, at the end of the Federal Executive Council (FEC) meeting presided over by President Bola Tinubu.
He stressed that in this era of climate change, no matter the prevention measures in place, disasters will still occur.
This, Edun explained, informed the need to pool resources together via a Trust Fund with membership drawn from both the public and private sectors when disasters occur.
The minister also revealed that FEC approved a draft 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.
