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The President made the announcement in Maiduguri, Borno State, during a visit to sympathise with victims of the recent flooding from Alau Dam.
Speaking at Government House in Borno, Tinubu emphasised the urgent need for the relief fund in response to climate change and the increasing unpredictability of weather patterns.
"There must be a disaster relief fund. I will invite the private sector to team up with us and help rebuild the affected areas," Tinubu stated.
He suggested allocating a portion of the Federation Account Allocation Committee (FAAC) to support the initiative.
Tinubu was accompanied by the President of the Senate, Godswill Akpabio, who pledged that the National Assembly would collaborate with the executive to establish the fund.
The President also visited the Shehu of Borno and an Internally Displaced Persons (IDP) camp in Maiduguri, where he reflected on the toll of climate-related disasters.
Expressing solidarity with affected communities, Tinubu extended his sympathy not only to Borno but also to Yobe and other states hit by flooding.
He reassured citizens, saying, "We will create an outstanding programme for Nigeria to recover from this calamity. We will build our nation together."
Tinubu also praised Borno State Governor Professor Babagana Zulum for his quick response to the disaster and the Nigerian military for their role in evacuating flood victims.
"I am glad that Prof. Zulum has been a very active governor. Let me assure you that we will be with you, Borno State, and share the burden."
The disaster relief fund aims to bolster Nigeria's preparedness and response to natural disasters while promoting national unity.