ECOWAS receives ₦85 Billion levy fee from Nigeria

The Nigerian government has disbursed ₦85 billion (approximately $54 million) as its community levy to the Economic Community of West African States (ECOWAS).

This payment was confirmed by ECOWAS Commission President Omar Touray on Sunday, during his opening address 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.

According to reports, the funds cover Nigeria’s levy obligations from January 2023 to 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 highlighted this payment as a testament to the leadership and commitment of Nigeria’s President Bola Tinubu, the Nigerian government, and its people to the ECOWAS community.

However, Touray raised concerns about the ongoing delays in the remittance of the community levy, pointing out that several member states are still behind in their payments.

He emphasized the need to address this issue to ensure the financial stability of the community.

“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.

According to reports, Nigeria’s President Bola Ahmed Tinubu is presiding over the meeting on Sunday as Chairman of the Authority of Heads of State and Government, a role he has held since June 2023.

He was re-elected for a second one-year term in June 2024. Twelve presidents are taking part in the summit, which comes amid growing tensions, particularly after Burkina Faso, Mali, and Niger announced their withdrawal from ECOWAS in January 2024.

The discussions will include an evaluation of the sanctions ECOWAS has imposed on these countries.

Additionally, the leaders will address regional security challenges, including the rise of terrorism in the Sahel and the political instability affecting member states.

The situation in countries under military rule will also be reviewed, with a focus on accelerating transitions to civilian governance.

On economic matters, the Authority will look at ways to speed up the implementation of the ECO, the proposed single currency for ECOWAS.

As of December 2024, the remaining member states are Benin Republic, Cape Verde, Côte d’Ivoire, The Gambia, Ghana, Guinea, Guinea-Bissau, Liberia, Nigeria, Senegal, Sierra Leone, and Toga.