From JULIANA TAIWO, Abuja
Wednesday, October 27, 2010
The National Economic Council yesterday said Nigeria will no longer play big brother to countries in trouble without getting anything in return. Briefing State House correspondents at the end of the meeting chaired By Vice President Namadi Sambo at the Presidential Villa, the Governor of Niger State, Babangida Aliyu, in company with his Lagos State counterpart, Babatunde Fashola and the Minister of Finance, Segun Aganga, said while Nigeria remains a responsible member of the comity of nations, it would insist on getting development benefits in return for its foreign policy commitments.
According to the governor; “the Council reiterated the foreign policy objectives of the country as a new partnership for the development of Nigeria. In other words, we are going to shed that belief that we are big brother where we go to help other people and we never get something in return. Even though we may not escape from that, but now we begin to look at our foreign objectives in terms of development of Nigeria. So, wherever we go or whoever we relate with must be because it will help us develop rather than as we normally say, that we have gone to help these or that people without getting anything in return.”
The NEC also discussed Nigeria’s BB- rating by international economy assessment organization, Fitch and Co., saying that although it was a downward result, there was optimism that the country was moving on the path of addressing the concerns that led to such assessment.
Aganga, explained that the ratings report though “harsh”, acknowledged that Nigeria’s decision to set up a sovereign wealth fund was a good fiscal policy which would increase the country’s rating during the next assessment.
According to him, “we discussed the rational for the revision of the outlook (from stable to negligible) and did not fully agree with their rationale; we believe that it was harsh. But we welcome the fact that they affirmed the credit rating that nothing has changed and the main reason for that reaffirmation or confirmation of that credit rating was that Fitch felt that the idea that set up the sovereign wealth fund was in the best interest of the country.
“It is a good fiscal policy and they have indicated that they will issue a positive statement once the sovereign wealth fund bill was passed.”
The minister stated further that government welcomed Fitch’s affirmation that the country has a very strong balance sheet, has a less debt ratio compared to her peers anywhere in the world and has net petrol balance.
“They were impressed with the level of revenue that is going up given that we have increased production and oil prices are on the rise and also they were pleased that the current administration is also focusing on dealing with the issue of power.
“As you know the President announced a roadmap for power in August this year and so all these were positive reasons why the country’s credit rating was affirmed by Fitch.”
You will recall also that S& PG issued a report also a month affirmed the credit rating but their outlook was stable not negative”, Aganga added.
He said final draft of the Sovereign Wealth Fund bill will be adopted at the next NEC meeting in November 4th before submitting it to the National Assembly.
The Lagos State Governor, said NEC discussed the concerns regarding the legality of the Federal Road Safety Commission (FRSC) conduct in printing of license plates for vehicles.
“Council was invited to consider whether mere printing of new vehicle license plate and whether it was possible to include driver’s education at the domestic levels.
“They were issues of legality of the exercise being taken by FRSC, and council said they will like the input of the attorneys-general of the states and that of the federation before a decision is taken.
“So as it relates to issuance of uniform new plates and driver’s licence, it is held in abeyance until further advice”.
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