The Nigerian government has released the sum of ₦85 billion (equivalent to $54 million) as a community levy to the Economic Community of West African States (ECOWAS).
The President of the ECOWAS Commission, Omar Touray, confirmed this payment on Sunday during his introductory remarks at the 66th Ordinary Session of the Authority of Heads of State and Government of ECOWAS, which is taking place at the State House Conference Centre in Abuja.
Naija News reports that the released fund represents its levy obligations from January 2023 through July 2024.
Touray said, “The good news, and indeed, a very good news is that for the first time in 19 years, Nigeria has decided to pay 100 per cent of its community levy from 2023.
“I am therefore pleased to announce that on Friday 13, December 2024, Nigeria paid N85bn and $54m representing 100 per cent of the 2023 levy and the levy of 2024 up to July 2024.”
He underscored this payment as evidence of the leadership and dedication of Nigeria’s President Bola Tinubu, the Nigerian government, and its citizens towards the ECOWAS community.
Nevertheless, Touray expressed concern regarding the persistent delays in the remittances of the community levy, noting that several member states continue to lag in their payments.
He stressed the importance of reversing this trend to guarantee the community’s financial stability.
“Excellencies, I cannot conclude my statement without touching on the finances of the community.
“Here, I have both bad news and good news. The bad news is that the community levy remittances continue to be slow.
“A number of countries have fallen behind with their community levy remittances. This needs to be reversed,” the ECOWAS president stated.
Naija News reports that Nigeria’s President Bola Ahmed Tinubu is convening the meeting on Sunday as Chairman of the Authority of Heads of State and Government, a position he has held since June 2023.
He was re-elected for a second one-year term in June 2024.
Twelve presidents are participating in the conclave, which is taking place against a backdrop of increasing tensions, particularly following the decision by Burkina Faso, Mali, and Niger to withdraw from ECOWAS in January 2024.
The attendees will evaluate the organization’s sanctions imposed on these countries.
Discussions will also focus on regional security measures to address the rise of terrorism in the Sahel and the political instability affecting member states.
Additionally, they will assess the progress and timelines for nations under military governance, with a particular focus on expediting transitions to civilian rule.
Regarding economic integration, the Authority will explore strategies to hasten the implementation of the ECO, the proposed single currency for ECOWAS.
As of December 2024, the remaining member states include Benin Republic, Cape Verde, Côte d’Ivoire, The Gambia, Ghana, Guinea, Guinea-Bissau, Liberia, Nigeria, Senegal, Sierra Leone, and Togo.
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