By Muhyideen Jimoh

The Tinubu Media Support Group (TMSG), has said that the Federal Government’s new flood insurance policy, is a strategic measure that will reduce economic losses occasioned by flood disasters.

‎The News Agency of Nigeria (NAN) recalls that the Federal Government had in June, unveiled a National Flood Insurance Policy, as part of proactive efforts to address Nigeria’s growing vulnerability to flood disasters.

‎In a statement jointly signed by the group’s Chairman, Mr Emeka Nwankpa and Secretary Mr Dapo Okubanjo, TMSG said the move was apt and strategic.

‎The group described the insurance initiative, as a crucial lifeline for flood victims across the country.

‎”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.

‎”The flood in Mokwa, Niger State, 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 in Abuja, to deliberate on a framework for the implementation of the policy,” he said.

‎TMSG, consequently, urged stakeholders, to fast-track the policy’s implementation and finalisation of its framework.

‎”We are elated that such an initiative is about to take root in a country where about five million individuals were affected by floods in 2024 alone, according to official statistics from the National Emergency Management Agency (NEMA).

‎”This, is because, 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 institutionalising it in Nigeria, the President Bola Tinubu’s 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.” he said

‎The group, emphasised the urgency of implementing the policy to safeguard national interest.(NAN)(www.nannews.ng)

Edited by Sandra Umeh