For the first time in 19 years, Nigeria has fully fulfilled its financial obligations to the Economic Community of West African States (ECOWAS), making a full payment of its community levy to the regional organisation.
The payment, amounting to ₦84 billion and $54 million, covers the obligations for the entirety of 2023 and extends to July 2024.
The announcement was made by Dr. Omar Touray, President of the ECOWAS Commission, during the 66th Ordinary Summit of the ECOWAS Authority of Heads of State and Government, held at the State House, Abuja at the weekend.
He emphasised that the payment, made on Friday, December 13, 2024, marked a significant milestone in Nigeria’s commitment to regional integration and development.
Dr. Touray attributed the achievement to the leadership and dedication of President Bola Ahmed Tinubu, as well as the Nigerian government and its citizens, highlighting the pivotal role Nigeria plays within the ECOWAS community.
He also noted that the payment signaled confidence in the organization’s vision and his tenure as ECOWAS Commission President, which began in 2022.
“The good news is that for the first time in 19 years, Nigeria has decided to pay 100 percent of its community levy up to 2023, Nigeria paid ₦84 billion and $54 million, representing 100 percent of the 2023 levy and the levy of 2024 up to July 2024. The money was paid on Friday, December 13, 2024.
“This payment underscores the leadership and commitment of President Bola Ahmed Tinubu, the government and the people of Nigeria to the ECOWAS community.
“At a more personal level, it underscores a mark of confidence in the ECOWAS that I have been privileged to led since 2022. My colleagues and I are deeply grateful”, Touray said.
President Tinubu, is chairing the 66th Ordinary Summit of the Authority of Heads of State and Government of the Economic Community of West African States (ECOWAS) at the State House, Abuja.
The session is expected to focus on advancing regional economic integration and ensuring institutional stability, among other issues.
This summit takes place amidst regional concerns, following the announcement of Burkina Faso, Mali, and Niger’s decision to withdraw from ECOWAS.
The three erstwhile member-states have now aligned under the Alliance of Sahel States (AES), utilising this new platform to reshape their relationship with the regional bloc.
The Summit will also review the organisation’s sanctions imposed on the three AES nations following recent military coups, with the goal of balancing diplomatic efforts with its fundamental commitment to promoting democracy.
The meeting will address pressing issues such as tackling the surge of terrorism in the Sahel and political instability in member states.
The meeting will also discuss accelerating the adoption of the ECO, ECOWAS’s proposed single currency, and bolstering trade among member states.
The leaders of the regional bloc will also review progress and timelines in countries under military rule, with emphasis on shorter transitions to civilian governance.
During its last summit, President Tinubu appointed Senegalese President Bassirou Diomaye Faye of Senegal to mediate between ECOWAS and the trio of Niger, Mali and Burkina Faso.
President Faye’s report is also expected to be presented before the ECOWAS leaders.
Other issues of concern raised during the ECOWAS Council of Ministers that are expected to be discussed during the heads of state summit are payment of community levy by member states and the implementation of the ECOWAS Trade libralisation Scheme which involves free movement of persons and goods.
Tinubu got a fresh mandate for the sub-regional leadership at the 65th Ordinary Session with his re-election as chairman.
Participating countries include Benin Republic, Cape Verde, Côte d’Ivoire, The Gambia, Ghana, Guinea, Guinea-Bissau, Liberia, Nigeria, Senegal, Sierra Leone and Togo.
