FEC approves establishment of Disaster Management Fund

The Federal Executive Council (FEC) has approved the creation of a Disaster Management Fund to better prepare for and respond to natural disasters in Nigeria.

This was announced on Monday by the Minister of Finance and Coordinating Minister of the Economy, Wale Edun, after the FEC meeting chaired by President Bola Ahmed Tinubu at the State House, Abuja.

Edun stressed that despite preventive measures, disasters are inevitable in the face of climate change.

The fund is aimed at pooling resources from various sectors to ensure readiness when such emergencies arise.

Additionally, the council passed the Economic Stabilization Bill, which is based on the Fiscal Policy and Tax Reform Committee’s recommendations.

This bill seeks to amend the Companies Income Tax and implement reforms to stabilize Nigeria’s economy.

More to come.