“Up till last year, and the beginning of this year, we are cash-strapped at ECOWAS because much of the community levy remains with the member states. That is why this exemplary act by Nigeria is so important”.
On Sunday, at the opening of the 66th Ordinary Session of the ECOWAS Authority of Heads of State and Government in Abuja, ECOWAS Commission President, Omar Touray, said Nigeria has cleared its levy to the regional body. Nigeria’s President, Bola Tinubu, doubles as Chairman of the ECOWAS Authority of Heads of State and Government.
Musah applauded Tinubu for the payment of the levy to the commission saying that it will spur other member states to remit theirs.
He said, “First and foremost, congratulations to Nigeria, to His Excellency, Bola Ahmed Tinubu for his gesture which spurs other members to live up to their commitment to remitting the community levy to the community for the benefit of our people.
“What I will say regarding the N85bn and $54m that Nigeria has paid covered the period of the entire Year 2023 and the period from January to July 2024, which means Nigeria has cleared the entire 2023 areas and have moved on to pay half of this year’s levy.
“Why naira and dollars? It is because Nigeria, with an arrangement with ECOWAS agreed to pay part of the levy in local currency and part of it in dollars.
“Immediately after that announcement yesterday (Sunday) at the summit, countries like Cote d’Ivoire and Ghana started promising to fulfil their pledges by the end of the year.
“These are the three largest economies in the region, and if they demonstrate a will to pay, it will spur the others to follow suit.”
The regional bloc, the Economic Community of West African States, presently has 15 members. They are Benin, Burkina Faso, Cabo Verde, Cote d’Ivoire, The Gambia, Ghana, Guinea, Guinea-Bissau, Liberia, Mali, Niger, Nigeria, Senegal, Sierra Leone, and Togo.
However, Burkina Faso, Mali, Niger, have opted to exit the bloc following military takeovers in the three countries, a development against the principle of democratic governance embraced by ECOWAS.
ECOWAS said the three countries will end their membership on January 29, 2025. The authority also set the period from January 29, 2025 to July 29, 2025 as a transitional period and to keep ECOWAS doors open to the three countries during the transition period.
