The Tinubu Media Support Group (TMSG) has welcomed the newly introduced flood insurance policy, describing it as a progressive measure to mitigate loss from flood disasters in the country.
In a statement signed by its Chairman, Emeka Nwankpa, TMSG said the National Flood Insurance Policy was a proactive step capable of bringing quick relief to victims of natural disaster across the country.
The statement read in part, “For us, this initiative could not have come at a better time than now that the country is still reeling from the devastating effect of the recent flash flood in Mokwa, Niger State which claimed at least 200 lives and destroyed property worth millions of naira.
“It is also noteworthy that the Mokwa flood became a case study by stakeholders who recently converged on Abuja to deliberate on a framework for the implementation of the policy.
“While we understand that the flood policy is still at a stage where the implementation framework is being developed, we are elated that such an initiative is about to take root in a country where about 5 million individuals were affected by floods in 2024 alone, according to official statistics from the National Emergency Management Agency (NEMA).”
According to the group, flood insurance is a global practice in several countries of the world even though it is relatively new in Africa.
“It is on record that a similar policy came into operation in the US in the 1960s and has, since then, been instrumental to alleviating the pains of flood victims
“So, by institutionalizing it in Nigeria, the President Bola Tinubu administration would be laying the ground work for a safety net for individuals and businesses who may be affected by flooding to enable them recover quickly.
“We make bold to say that the flood policy is a proactive one that will help flood victims mitigate their losses especially as victims of floods in Nigeria have had to solely rely on government intervention,” said TMSG.
It added that, like some of the stakeholders said at the recent implementation framework meeting, the policy would also help alleviate government expenditure by reducing the fiscal burden on federal and state resources allocated for emergency relief and reconstruction.
The group, however, expressed hope that the stake holders would expedite action on the policy and implementation framework in national interest.