Tinubu orders establishment of Disaster Relief Fund

.Fund to be private sector-led, says Edun

Rising from the Federal Executive Council, FEC, meeting on Monday, President Bola Tinubu has directed the creation of a Disaster Relief Fund.

Minister of Finance and Coordinating Minister for the Economy, Wale Edun made the disclosure while briefing the media.

He said based on the fact that disasters such as the Maiduguri flooding will likely become a regular occurrence because of climatic changes, there is need for specialised kind of funding to meet emerging demands and challenges associated with the phenomenon.

Recall that Maiduguri in Borno State witnessed an unprecedented flooding that consumed half of the city, killing some citizens and destroying critical infrastructure.

Edun noted that the Federal Government will do all in its powers to rally funding from critical stakeholders for the Disaster Relief Fund.

He further disclosed that the Disaster Relief Fund would be headed by a top private sector operative.

The Minister of Finance and Coordinating Minister for the economy, said the Disaster Relief Fund would be a best-in-class fund that would be corporate governance-driven, and headed by a top private sector executive.

“It will build for Nigeria a resilient response that is adequate in size, scale, quality and be able to respond in such occurrences as we have had in Borno and elsewhere before.

“This will focus on financing and bring together funding from across the federal, sub-national, the local levels, the private sector, and even international philanthropic organisations,” said the minister.

He said that the relief fund would be separate from the agencies that intervene physically.

According to the minister, this fund will be different from the National Emergency Management Agency (NEMA) Relief Fund established in 1999, and the Flood Relief Fund set up in 2012.

He said the President believed that the fund had become expedient in the era of climate change, as well as the fact that there would be disasters, no matter the prevention measures put in place.

Recall that President Tinubu announced the creation of the Disaster Relief Fund on Sept. 16.

He made the announcement during a visit to Maiduguri, Borno, to commiserate with victims of flooding in the state, saying that the fund would assist Nigerian citizens impacted by floods and other disasters.

The President said the Federal Government would collaborate with the private sector to establish the fund.