Current Affairs

Nigeria to exit close to 100 international treaties to save money

Nigeria’s government says it is exiting close to 100 international treaties to save millions of dollars spent on servicing its membership at the organizations.

Currently the West African giant is signatory to 310 international organizations but its government says some of the treaties have become costly and irrelevant.

The country currently spends up to $70 million as annual subscription fee remain member of hundreds of international organizations.

No list of the organization to be exited has been provided but finance minister Kemi Adeousun says all 310 organizations are being evaluated for relevance.

Nigeria was signed up to most of the organizations by the previous administrations during the oil boom.

But oil revenue has dramatically shrunk-in fact 60% of it has been wiped out due to low global prices.

The government has now established a committee to identify 90 international treaties it can exit.

“The government will save costs, again the government will become pragmatic and they would be able to pragmatically honour their obligations, within the confines of available resources, the cons i don’t see so much of it because even the united states of America and some other nations, they select which conventions to be signatory to” Ebenezer Oyetakin , an  International relations expert said.

This is not the first time the government has asked for review of its foreign engagements with the view of cutting costs.

In 2015, President Buhari ordered relevance review of Nigeria’s diplomatic missions around the world.

Nigeria has about 119 diplomatic missions around the world but President Buhari wanted the less significant ones shut.

That and the latest move to exit almost a hundred international treaties has got many worrying about risk of Nigeria ceding it influence in international sphere.

“Nigeria being the front of the African influence, Nigeria cannot be dispensed by the international communities. Our place cannot be dispensed. So whatever we have selected to exit from will be according to the priority that we placed on our diplomatic behaviour with the external world”. Oyetakin further said.

The actual amount Nigeria can save from exiting 90 international treaties is unknown until the committee the government set up to review its international commitments submits its report. But for a government suffering 60% revenue shortfall-any penny could be worth saving.

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