The Federal Government is contemplating two measures to mitigate the effects of floods in the country.
One is a Flood Fund, while the other is a National Policy on Flood Insurance.
A document on National Flood Emergency Preparedness and Response Plan (NFEPRP), shows that the Flood Fund will be drawn from 0.1% of monies realized from crude oil accounts and 0.1% of taxes generated by the Federal Inland Revenue Service (FIRS).
Other expected funding avenues are donations, endowments, grants, and gifts.
Also included as funding sources are emergency and disaster management-related budget lines in ministries, departments, and agencies budgets; ecological funds; any emergency fund; donor/partner funds; and any presidential directives or arrangements through ad-hoc committees with cross-cutting mandates or terms of reference.
On flood Insurance, the document seeks the establishment of “a National Flood Insurance Program for households and businesses in flood-prone areas and other interested parties.”
The policy which should be “available for home or business owners as well as those renting, will be sold through private insurance agents and underwritten by the government.”
