Federal Executive Council Approves N7bn Donation To Poor Countries

[emezico]

The Federal Executive Council (FEC) has approved the payment of the sum of $43.3million (about N7billion) owed the Organisation of Petroleum Exporting Countries (OPEC) Fund for International Development which is meant to assist third world countries that do not produce crude oil.

The Minister of Information, Labaran Maku, who briefed State House correspondents after the weekly meeting of the council presided over by President Goodluck Jonathan on Wednesday, said the money was the outstanding out of the $177.7million pledge made by the country to the Fund in 1976.

He remarked that the council had approved that the money be paid in instalment between 2013 and 2020 adding that, with the FEC approval, the Ministry of Finance was expected to build the money into subsequent Federal Government appropriation bills.

According to the minister, "in 1976, Nigeria made a promise to contribute $177.7million to the Fund and the country has been making its own contribution. But earlier this year, there was a meeting of the Fund in Vienna and there was a need for all member countries to complete their own contribution.

"Nigeria has a balance of $43.3million to pay to this Fund. So, today, the Minister of Finance brought a memo which council approved to enable Nigeria pay this contribution to OPEC. The money will be paid in instalments between 2013 and 2020. This fund is very important because it has helped a number of developing countries particularly in the South to cope with some of the pressures they go through," he said.

Rationalising the decision to pay the money at this time, Maku said as a prime player in the international community, Nigeria wanted to enhance its influence by meeting up with its international obligations especially among developing nations of the world as well as stabilise the market for its crude oil.

"The OPEC Fund for international development was established in 1976 in Vienna. The purpose of the Fund was to enable oil producing countries put aside some money to assist countries that do not produce oil," he said.

Tribune