Stella Dimoko Korkus.com: EU Explains Why They Will No Longer Offer Financial Assistance To Nigeria..

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Friday, June 30, 2017

EU Explains Why They Will No Longer Offer Financial Assistance To Nigeria..

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





According to dailypost 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.”


*Thumbs up!!!
Stop embezzling and use the monies wisely.

15 comments:

  1. Our land is full of honey but the greedy ones won't allow the country to grow

    ReplyDelete
  2. This is just wat ave bin expecting for long.They are just looting d money anyhow.

    There is dis Major General in Lagos,born and bread in Ondo state,akoko Northwest,, the man loot money no be small..

    See house worth of 200meter for my village wey d man build




    MC pinky

    ReplyDelete
  3. Yes, we are rich. Give to the poor please.

    ReplyDelete
  4. They know that Nigeria has money and is a giant that can feed most of the world people

    ReplyDelete
  5. yes this is better, it's not like they are using the money for the right thing anyway. but they for wait till we get out of recession, e no kuku concern me, na them dey chop the money.

    ReplyDelete
  6. And some people will be insulting and telling others to go back to their place. Look at the revenue we make for them. Got will grant that wish soon. We need to go develope our place.

    ReplyDelete
  7. Yes, the money is only lining the pockets of a few anyway, so no need for politicians to be killing them selves anymore.

    ReplyDelete
  8. Best news ever! Now those looters will stitch their lips!Thieves in high places! Good one from EU!

    ReplyDelete
  9. Buhari and Osinbajo's domestic policy of abusing Nigeria has come to roost. Shey now that EU has refused to fund them, they will have to work

    ReplyDelete
  10. Nigeria is just something else. Lets use our money wisely

    ReplyDelete

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