The Federal Government is to pull out of 90 out of 310 international organizations due to the financial burden the country’s membership imposes on the country.
This was made known today by the Minister of Finance, Kemi Adeosun in her address to State House correspondents after the Federal Executive Council (FEC) meeting, presided over by President Muhammadu Buhari at Aso Rock Villa, Abuja, on Wednesday.
According to Adeosun, the financial cost of the membership of the international organizations is $70m annually.
“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,” she said.
“It was discussed (at the council) that there were commitments made to some international organisations by former government which were not cash-backed.’’
According to her, the committee set up to review the membership of the international organizations recommended that the country stays in 220 and exit from 90.
