The federal government has established a disaster relief fund to address disasters such as flooding.
The minister of Finance and Coordinating Minister of the Economy, Wale Edun, disclosed this to State House correspondents on Monday after the Federal Executive Council (FEC) meeting, which was presided over by President Bola Tinubu.
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 said: "We were in agreement with Mr. President's decision to start today's FEC with the devastating situation of flooding in Maiduguri in Borno State. At the end of that discussion, which we started the meeting with, Mr. President directed that a disaster Relief Fund be set up. We know that there is NEMA, the Flood Relief Fund.
"The President feels that in this era of climate change and events and that from time to time, no matter the prevention measures there will be disasters that will occur. We need to build greater resilience in a form of a substantial Disaster Relief Fund separate from the agencies that intervene in disasters. This will focus on the financing.
"From the federal, subnational, local level, private sector and even the international organisations. It will be led by top corporate governance, including leadership by the private sector, at an appropriate level, in order to build for Nigeria a resilient response that is adequate in size, skill and quality and able to respond to such occurrences as we have had in Borno and elsewhere.
"We know no matter how we pray against it, we know this will happen from time to time so we need to be ready."
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.
