The federal government has established a disaster relief fund to address disasters such as flooding.
This was disclosed to journalists on Monday by Minister of Finance and Coordinating Minister of the Economy, Wale Edun, at the State House, Abuja, after the Federal Executive Council (FEC) meeting presided over by President Bola Ahmed Tinubu.
According to the minister, in this era of climate change, no matter the prevention measures in place, disasters will still occur.
He emphasised 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.