Why We Will No Longer Offer Financial Assistance To Nigeria – European Union Says

Date: 30-06-2017 8:56 am (6 years ago) | Author: success Xenab
- at 30-06-2017 08:56 AM (6 years ago)
(m)

Michel Arrion, the European Union (EU) ambassador to Nigeria and ECOWAS, has explained why EU cannot promise further financial assistance to Nigeria.

Arrion, who described Nigeria as EU key partner in view of the role it plays in global affairs, said the country could not be said to be poor, as it has enough resources to meet its developmental needs.

The envoy made this known at a lecture which the IBB Golf Club organised in Abuja on Thursday.

The lecture had as its theme: ‘40 years of European Union in Nigeria: Lessons learned and the way forward’.

He, however, pledged that the union would brace up its efforts towards the country’s institutional, political and economic development for a more prosperous future.

According to him, the official development assistance (ODA) flow in Nigeria is about $2.5 billion yearly, which corresponds roughly to about 10 percent of the federal budget (N7,3trillion or $24 billion).

This, he said has raised the question if the EU should 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”, he said.

The envoy, therefore, called for improvement 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 percent 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.”


Posted: at 30-06-2017 08:56 AM (6 years ago) | Hero
- ruthie at 30-06-2017 09:32 AM (6 years ago)
(f)
na true he talk... Nigeria is not poor,but the bastard politicians are just eating our money!
Posted: at 30-06-2017 09:32 AM (6 years ago) | Hero
Reply
- osayan1 at 30-06-2017 09:58 AM (6 years ago)
(m)
I like dis,Well spoken word for d F.G
Posted: at 30-06-2017 09:58 AM (6 years ago) | Gistmaniac
Reply
- Hessehele at 30-06-2017 10:06 AM (6 years ago)
(f)
Quote from: ruthie on 30-06-2017 09:32 AM
na true he talk... Nigeria is not poor,but the bastard politicians are just eating our money!

NO BE SMALL THING.
Posted: at 30-06-2017 10:06 AM (6 years ago) | Upcoming
Reply
- Haso112 at 30-06-2017 10:08 AM (6 years ago)
(m)
''According to him, the official development assistance (ODA) flow in Nigeria is about $2.5 billion yearly, which corresponds roughly to about 10 percent of the federal budget (N7,3trillion or $24 billion).''

“Nigeria collects about N5.5 trillion or 18 billion dollars per year.

“About 10 million people (10 percent of adult population) are registered for personal income tax (half of them in Lagos).   Shocked Shocked Shocked Shocked Shocked Shocked Shocked Shocked Shocked Shocked Shocked Shocked Shocked Shocked Shocked Shocked Shocked Shocked Shocked Shocked Shocked Shocked Shocked Shocked Shocked Shocked Shocked Shocked Shocked Shocked Shocked Shocked Shocked Shocked Shocked Shocked Shocked Shocked
Posted: at 30-06-2017 10:08 AM (6 years ago) | Gistmaniac
Reply
- crocatum at 30-06-2017 10:48 AM (6 years ago)
(m)
Nice one Sir, Which black nation has become a success, which African Country has been able to use what it has to turn around its destiny, let me see, i can't think of anyone yet.
Posted: at 30-06-2017 10:48 AM (6 years ago) | Gistmaniac
Reply
- starzx at 30-06-2017 10:57 AM (6 years ago)
(f)
Gud!! Bcos they carry  back this money to abroad and buy mansions and expensive cars.
Posted: at 30-06-2017 10:57 AM (6 years ago) | Upcoming
Reply
- chukkychukky at 30-06-2017 12:41 PM (6 years ago)
(m)
fools

Posted: at 30-06-2017 12:41 PM (6 years ago) | Gistmaniac
Reply
- angesco at 30-06-2017 01:53 PM (6 years ago)
(f)
GOOD.

Let the "GIANT" of AFRICA feed AFRICA.

MORE IMPORTANTLY - there will LESS money for the government officials to STEAL!!!!!!



Posted: at 30-06-2017 01:53 PM (6 years ago) | Gistmaniac
Reply
- chizzyG at 30-06-2017 03:45 PM (6 years ago)
(m)
Oyibo people una too kind,thieves in government go dey share all the public money and still dey share that una help own join am sef,una never know anything sef
Posted: at 30-06-2017 03:45 PM (6 years ago) | Upcoming
Reply

fire TRENDING GISTS fire

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