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Abuja, Nigeria – The Federal Government has created a Disaster Relief Fund to address natural disasters such as flooding.
This was announced on Monday by the Minister of Finance and Coordinating Minister of the Economy, Wale Edun, following the Federal Executive Council (FEC) meeting presided over by President Bola Ahmed Tinubu at the State House in Abuja.
Minister Edun highlighted that despite preventive measures, disasters are inevitable in the face of climate change. He stressed the need for pooling resources from various sectors to ensure readiness when such events occur.
In addition to the relief fund, Edun revealed that the FEC also passed the Economic Stabilization Bill, which is based on recommendations from the Fiscal Policy and Tax Reform Committee. The bill proposes amendments to the Companies Income Tax, among other reforms aimed at stabilizing the economy.
Further details are expected to emerge.
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