Cash crunch: Nigeria pulls out of 90 world organizations

Nigeria has resolved to withdraw from 90 out of the 310 international organizations to which it has financial commitments.

The Minister of Finance, Kemi Adeosun, disclosed this to State House correspondents on Wednesday after the Federal Executive Council (FEC) meeting presided over by President Muhammadu Buhari.

The decision is as a result of the financial implications of the country’s membership of the organisations.

According to Adeosun, Nigeria’s annual commitment to all the international organizations amounts to $70 million.

The minister added that Nigeria currently owes the organisations $200 million.

A plan is to be drawn up for the payment of the outstanding amounts the country is owing.


The government wants the country to cut cost by belonging only to organisations that are absolutely necessary.