Nigeria Content Online

The National
Economic Council has taken a decision that Nigeria will no longer play
big brother to countries in trouble without getting anything in return,
insisting the nation’s foreign interventions and assistance will be
guided by national interest.

Briefing
journalists on Tuesday after the council meeting chaired by vice
president, Namadi Sambo, at the Presidential Villa, Abuja, Governor
Babangida Aliyu of Niger State said while Nigeria remains a responsible
member of the community of nations, she will insist on getting
development benefits in return for her foreign policy commitments.

“The Council
reiterated the foreign policy objective 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.

“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,” said Mr. Aliyu.

The council also
discussed Nigeria’s BB-rating by international economy assessment
organisation, Fitch, saying that though it was a downward result, there
is hope that the country is moving on the path of addressing the
concerns that led to such assessment in the first place.

“Fitch rating too harsh”

Segun Aganga, the
finance minister, noted that though the rating was “harsh”, it
acknowledged Nigeria’s decision to set up a Sovereign Wealth Fund, and
a good fiscal policy which will increase the country’s rating during
the next assessment.

“We discussed the
rationale 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 re-affirmation 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,” he said.

The minister
further stated 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.

He disclosed that
the final draft of the Sovereign Wealth Fund bill will be adopted at
the next economic council meeting on November 4, before it is submitted
to the National Assembly.

Governor Raji
Fashola of Lagos State also said they discussed the concerns regarding
the legality of the Federal Road Safety Commission (FRSC) in printing
licence plates for vehicles.