The European Union (EU) on Thursday said it will not promise further financial assistance to Nigeria, which the union said had enough resources to meet its development needs.

It wants Nigeria to equitably distribute the nation’s wealth to ensure growth and stability and unleash its enormous economic potentials.

The EU Ambassador to Nigeria and ECOWAS, Michel Arrion, announced the decision to hold back financial support in Abuja while delivering a lecture organised by IBB Golf Club, with the theme “40 years of European union in Nigeria: Lessons learned and the way forward”.

Arrion, however, said that Nigeria remained EU’s key partner in view of the role it plays in global affairs.

The envoy also stressed that the Union would scale up its efforts towards the country’s institutional, political and economic development for a more prosperous future.

He expressed concern on the economic level of the country which he attributed to corruption.

The ambassador explained that the combine aides to the country were about 10% of the country’s annual budget.

According to him, the Official Development Assistance (ODA) flow in Nigeria is about 10% of the federal budget (N7.3 trillion or $24 billion).

This, he said had raised the question of; should EU continue to give aide to Nigeria?