Nigeria clears ECOWAS levy obligations worth N85bn, $54m

The Nigerian Government has fulfilled its levy obligations to the Economic Community of West African States (ECOWAS), settling N85 billion and $54 million, covering the year 2023 and up to July 2024.

This milestone was announced by Dr. Omar Touray, President of the ECOWAS Commission, during the opening ceremony of the 66th Ordinary Session of the Authority of Heads of State and Government, held at the Banquet Hall of the Presidential Villa in Abuja.

The payment underscores Nigeria’s commitment to its financial responsibilities within the sub-regional bloc, which supports ECOWAS initiatives aimed at regional integration, security, and economic development.

Dr. Touray acknowledged the Nigerian Government’s efforts, emphasizing the importance of member states’ contributions to the success of ECOWAS programs and operations. The settlement comes as the bloc faces critical challenges, including political instability in some member states and the need for strengthened economic collaboration.

“For the first time in 19 years, Nigeria decided to pay 100 percent of its community levy up to 2023,” Touray revealed.

He added, “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 lead since 2022. My colleagues and I are deeply grateful.”

In his opening remarks, President Tinubu emphasized the strength of ECOWAS lies in the unity of its member states, highlighting the shared vision that led to the formation of the community.

He stated, “The world is confronted with challenges raging from crisis, from Sudan, Middle East and violent extremism and environmental challenges. Many of the challenges have impacted our region and the reality underscores the reality of working together.”

The 66th session brought together regional leaders to discuss ongoing issues and reinforce the importance of collaboration in addressing the challenges faced by West Africa.