Nigeria not poor, no more financial assistance, EU says

The European Union headquarters in the Belgian capital, Brussels [Photo: Press TV]
The European Union headquarters in the Belgian capital, Brussels [Photo: Press TV]

The European Union (EU) Ambassador to Nigeria and ECOWAS, Michel Arrion, says EU will not increase its financial assistance to Nigeria.

Mr. Arrion made this known in Abuja while delivering a Distinguished Lecture organised by the IBB Golf Club, with the theme “40 years of European union in Nigeria: Lessons learned and the way forward”.

The ambassador who said that EU was not promising further assistance to Nigeria however said that Nigeria remains EU key partner in view of the role it plays in global affairs.

The envoy also stressed that the Union would scale up its efforts towards the country’s institutional, political and economic development for a more prosperous future.

He said that Nigeria could not be said to be poor, as it has enough resources to meet its developmental needs.

While expressing concern on the economic level of the country, Mr. Arrion called for a more equitable distribution of the nation’s wealth to ensure growth and stability and unleash its enormous economic potentials.

He explained that the combined aide to Nigeria was about ten per cent of the country’s annual budget.

According to him, the Official Development Assistance (ODA) flow in Nigeria is about 2.5 billion dollars yearly, which corresponds roughly to about 10 per cent of the federal budget (N7.3 trillion or $24 billion).

This, he said, has raised the question of should EU continue to give aide to Nigeria?

“We are not offering more financial support, we are proposing more political and policy dialogue, technical assistance, capacity building, training, transfer of technology.

We also proposing more advocacies for more private investments and other innovative sources of funding,” the EU envoy said.

The envoy therefore called for improving in tax collection to finance the development of the country.

According to him, Nigeria must find alternative funding to ODA including improved tax collection which must be improved at least five times more and also spend better.

Quoting Price Water Cooper (PwC 2016), he said: “Nigeria collects about N5.5 trillion or 18 billion dollars per year.

“About 10 million people (10 per cent of adult population) are registered for personal income tax (half of them in Lagos).

“The rate of VAT compliance by registered entities is about 12 per cent. The rate is lower for corporate income tax nine per cent.”

He also said Nigeria must attract more foreign investment, five times more, to reach the level of Angola or Vietnam for instance and put in place more and better Public Private Partnerships.

Mr. Arrion said the evolution of vibrant relationship of equal partners between Nigeria and the EU was founded on shares values and aspirations and mutual trust.

According to him, the EU in its 40 years of engagement with Nigeria has identified development priorities, funded projects to stimulate the Nigeria’s economy, reduce hunger and disease.

He said that the union had also helped to enhance institutional capacities, strengthen governance and fight insecurity in Nigeria.

(NAN)


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  • George

    EU failed again because they gave us this rotting mango called buhari and they must help take him away before they abandon us.

    • Frank Bassey

      Precisely!

    • Rumournaire

      If another country can decide who should be your president, then you have a problem with yourself. You don’t blame the other country! Or perhaps you are not mature enough to rule yourself! Enough of this trash of some other country imposing a president on you!

  • Agba

    The looting in Nigeria by politicians is beyond comprehension to the EU,they can not waste their money any longer because their is austerity in the EU also.

    • Ndidi

      Not just austerity. But global warming is here and White people plan ahead and need their resources for the new way of life that climate change will bring. Plus they are competing with the growing power of China. Finally, Nigeria is quite likely to break up because those in power are too cowardly to address the issue of RESTRUCTURING in an adult, intelligent and sincere way. So why waste their tax payers money on a failed unity like Nigeria? On a FANATICALLY CORRUPT place like Nigeria?

      • Kamalu

        You have spoken loud and clear

      • jide

        well nigeria cant break up, how many countries ill emerge?? 100. lol, its not possible, and the “white people plan ahead” is a pathetic statement, you are given them a sense of superiority that does not exist.

        • marc umeh

          ” Given them a sense of superiority that do not exist ? Even when you have oil since 1950 and yet can”t provide power to your people. When your politicians run to them and beg for help to hide their stolen wealth ? When your folks drown in the sea attempting to sneak into their country ? I can continue on and on.
          Please save your pride.

          • jide

            you really are dumb, your statement is completely dumb go back 1000 years and africa was richer than europe, europe was filled with diseases when the richest man in the world was mansa musa an african from mali, you are just living in the current time when things are bad for africa thanks to whites who colonized it for more than 100 years, by 2050 you probably wont want to live in europe, look at greece the country is in huge mess if white people can plan ahead why did they not plan for greece?? stop white worshipping it will make you feel better.

      • GusO

        I’m not quite sure they gave away their tax payers money to Nigeria. The West is quite good in pretending to give aid to developing countries when they are not. Perhaps they are giving the interest earned on Abacha loot which they have refused to return to us. But in reality they don’t hand money over to us, they provide services which they convert into monetary equivalent based on their own conversion math.

  • 0tile

    The party is over. If billionaires such as Dangote, Alakija, Babangida, looters Danjuma and Useni can repatriate 15% of the money they hoarded in Panama alone Nigeria will shine like Dubai. God alone knows how much money Lukman and David Mark stashed outside Nigeria. It is annoying that these looters are so unpatriotic as to deny their country those cash which would boost investment and alleviate poverty & hardship.

  • Frank Bassey

    Yes. To your tents or Nigerians!

  • Current

    More troubles for the arid northern states. Next people of the Niger Delta will pull plug on the flow of oil money. By October 1, their leader Almajiri Yerima will lead them to a new relationship with the Afghanistan.

  • Uchenna Ugokwe

    EU helped the looters stash away the money. The White man’s mind is not as straight as his nose.

    • marc umeh

      Yes maybe , but the blackman’s mind is as black as his soul !!!

  • omo56

    Great news, now maybe our people will now revolt when no more freebies from other countries

  • Dawood

    This yeye EU man. If he was honest he’ll say that all that money he’s boasting he won’t give Nigeria is OUR money, all the monies kpomo mouth Blowfish Ikonji-Iweala and all the other useless financial ministers helped looters send west. I agree that nobody should give Nigeria any monies. It’ll just end up in Saraki’s pockets.

  • GusO

    Now they will keep the interest on the Abacha loot which was the aid they pretended to be giving us annually.

    • George

      And your half dead president buhari said Abacha didn’t stole one kobo.

  • Iragbijiile Grant

    Nigeria is a begger country, sad!

  • Nkem

    When Saraki is buying N300 million limousine, like the 15th car in his convoy since he became senate president. The salaries and allowances of Nigeria’s lawmakers is probably 5 times that of their European counterparts.