Nigeria Contributes ₦85 Billion Levy to ECOWAS.

In a significant development for regional cooperation, the Nigerian government has announced the release of ₦85 billion (approximately $54 million) as a community levy to the Economic Community of West African States (ECOWAS). This payment was confirmed by Omar Touray, the President of the ECOWAS Commission, during his introductory remarks at the 66th Ordinary Session of the Authority of Heads of State and Government of ECOWAS, held at the State House Conference Centre in Abuja.

This contribution marks a historic moment, as it represents Nigeria’s commitment to fulfilling 100 percent of its community levy obligations for the first time in 19 years, covering the period from January 2023 through July 2024. President Touray expressed his appreciation for this milestone, highlighting the leadership of Nigeria’s President Bola Tinubu and the dedication of the Nigerian government and its citizens towards the ECOWAS community.

However, the ECOWAS President also addressed ongoing challenges related to the remittance of community levies from other member states. He noted that delays in payments remain a pressing issue, underscoring the need for member nations to fulfill their financial obligations to ensure the community’s financial stability.

The meeting, chaired by President Tinubu, brings together twelve heads of state amidst rising tensions due to the recent withdrawal of Burkina Faso, Mali, and Niger from ECOWAS. Key topics on the agenda include evaluating sanctions against these nations, addressing regional security threats, and discussing the implementation of the proposed single currency, the ECO, aimed at enhancing economic integration within the region.

As ECOWAS navigates these complex issues, Nigeria’s substantial financial commitment stands as a testament to its leadership role and dedication to fostering unity and stability within West Africa.