Nigeria Sets Up Disaster Relief Fund

By Temitope Mustapha, Abuja

The Nigerian government has established a Disaster Relief Fund to coordinate and secure financial support from all three levels of government, the private sector, and international philanthropic organisations to strengthen the nation’s ability to respond effectively to climate-related disasters.

The initiative was announced on Monday by the Minister of Finance and Coordinating Minister of the Economy, Wale Edun, during a briefing at the State House in Abuja, after the Federal Executive Council (FEC) meeting chaired by President Bola Ahmed Tinubu.

Acknowledging the existing relief funds domiciled with the National Emergency Management Agency and the flood relief funds set up in 2012, the minister said that President Tinubu directed the set up of disaster funds to mitigate the climate challenges of the era, which from time to time would need prevention measures and swift response to its effects.

Mr Edun explained that this would operate separately from the existing relief funds and would focus majorly on pulling financial resources together from other sources, he explained further that it would be in the best of class funds and may probably be headed by the leadership of the private sector.

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“Now we know we do have the NEMA Relief Fund, we even have the Flood Relief Funds set up around 2012 but Mr President feels we need in this era of climate change, climate events as well as from time to time there will be matter in prevention measures there will be disaster that will occur.

“We need to build greater resilience in the form of substantial disaster relief funds, separate from agencies that actually intervene physically, this will focus on the financing and bringing together the funding from across the spectrum of the Federal. Sub-national levels and the local levels and clearly the private sectors and international philanthropic organisations, the best in class funds that will be led by top corporate governance including leadership by the private sector at an appropriate level probably heading it,” he said.

He emphasised the importance of pooling funds from various sectors and being prepared when disasters strike.

“In order to build for Nigerians a resilient response that is adequately size scale and quality and able to respond in such occurrences as we had in Borno and elsewhere,” he added.

In addition, Mr Edun revealed that the council passed the Economic Stabilization Bill, which is largely based on the recommendations of the Fiscal Policy and Tax Reform Committee.

“In addition, importantly, the economic stabilisation Bill proposal once passed by FEC and essentially basically put in place specific measures draft laws and policies in the fiscal tax area in order to improve the overall economic environment in order to implement different recommendations tk changes to various laws and various did passed to NASS onward transition bills that contains items that changed the foreign exchange and gave greater liquidity. 

“It is also a proposal to amend that allow Nigerians with the skills and relevant relationships to be able to stay in Nigeria and provide the right services to foreign companies registered to Nigerians and opened up employment opportunities and income opportunities,” the minister stated.