The Federal Government has said it will trim down Nigeria’s membership of over 310 international organisations and their associated financial obligations.
The Minister of Finance, Mrs Kemi Adeosun, disclosed this on Wednesday after the Federal Executive Council (FEC), meeting presided over by President Muhammadu Buhari at the Presidential Villa.
She said that Nigeria’s annual commitment to these organisations stands at $70 million.
She said: “Basically, Nigeria is member of 310 international organisations and a committee was set up to review the rationale for our continued membership of such a large number of organisations particularly in the light of the fact that in many cases we are not actually paying financial obligations and subscription which is causing some embarrassment to Nigeria and our image abroad.
“It was discussed (at the council) that there were commitments made to some international organisations by former government which were not cash-backed”
She stated that the committee set up by the government to review the nation’s membership of the international organisations had recommended that the country should retain membership of 220 out of the 310 organisations.
However, the minister said the council had directed the committee to further look into their recommendations with a view to reconciling the conflicting financial figures meant to be paid as subscription fees to the organisations by Nigeria.
“Our subscriptions are in arrears in a number of major organisations. So, the directive of the council is that we should go and reconcile those figures and come back to council and have a payment plan to avoid Nigeria being embarrassed internationally,” Adeosun said.