The European Union (EU) Ambassador to Nigeria and ECOWAS, Michael Arrion has said that the union can no longer continue providing financial assistance to Nigeria.

Mr. Arrion made the disclosure in a lecture with theme “40 Years of European Union in Nigeria: Lessons Learned And The Way Forward” which he delivered at an event organized by the IBB Gold Club in Abuja on Thursday.

Describing Nigeria as a key EU partner by virtue of the role she plays in global affairs, the envoy said the country has enough resources and manpower required to meet its development targets.

He revealed that the Official Development Assistance (ODA) flow in Nigeria stood at about $2.5 billion annually representing over 10 percent of the country’s budget  of N7.3 trillion ($24 billion), pledging that the union would improve its effort at providing institutional, political and economic support to Nigeria.

“We are not offering more financial support, we are proposing more political and policy dialogue, technical assistance, capacity building, training, transfer of technology,” Mr. Arrion said.

“We’re also proposing more advocacies for more private investments and other innovative sources of funding,” he added.

The envoy further urged the federal government to source for alternating means of funding to the ODA, which according to him includes improved tax collection to at least five times more as well as judicious spending.