In order to deal with national calamities such as flooding, the Federal Government of Nigeria established a Disaster Relief Fund.

Wale Edun, the Minister of Finance and Coordinating Minister of the Economy, revealed this to reporters on Monday at the State House in Abuja following President Bola Tinubu’s Federal Executive Council (FEC) meeting.

He emphasised that catastrophes will still happen in this age of climate change, regardless of the precautions taken.

This, according to Edun, led to the necessity of pooling resources through a Trust Fund that has members from the public and private sectors in the event of a calamity.

The Minister further disclosed that the Fiscal Policy and Tax Reform Committee’s proposals served as a major basis for the approval of a draft Economic Stabilisation Bill by the FEC.

He clarified that the purpose of this measure is to carry out the committee’s recommendations, which include suggested modifications to the Companies Income Tax.