The Federal Authorities of Nigeria has paid N85 billion and $54 million as its neighborhood levy to the Financial Neighborhood of West African States (ECOWAS), protecting the interval from 2023 to July 2024.
This cost marks a big achievement, as it’s the first time in 19 years that Nigeria has paid 100% of its neighborhood levy.
Dr. Omar Touray, President of the ECOWAS Fee, made the announcement through the opening of the 66th Abnormal Session of the Authority of Heads of State and Authorities on the Banquet Corridor, Presidential Villa, Abuja.
Touray emphasised that this highlights the management and dedication of President Bola Ahmed Tinubu, the Nigerian authorities, and the folks of Nigeria to the ECOWAS neighborhood.
“For the primary time in 19 years, Nigeria has determined to pay 100 per cent of its neighborhood levy from 2023. The cash was paid on Friday, December 13, 2024. This cost underscores the management and dedication of President Bola Ahmed Tinubu, the federal government and the folks of Nigeria to the ECOWAS neighborhood,” he said.
Dr. Omar Touray expressed private gratitude, highlighting that Nigeria’s full cost of the neighborhood levy displays confidence in his management of ECOWAS since 2022.
“At a extra private stage, it underscores a mark of confidence within the ECOWAS that I’ve been privileged to steer since 2022. My colleagues and I are deeply grateful,” he stated
Regional challenges
President Bola Ahmed Tinubu emphasised the significance of unity inside the ECOWAS neighborhood. He said that the power of the fee lies within the solidarity of its members and that ECOWAS was based on a shared imaginative and prescient to create a neighborhood that advantages all residents of the area.
Tinubu famous the challenges the world is going through, together with crises in Sudan, the Center East, violent extremism, and environmental points, lots of which have impacted the West African area. He harassed that these challenges spotlight the necessity for regional cooperation, saying,
“The world is confronted with challenges starting from disaster, from Sudan, Center East and violent extremism and environmental challenges. Most of the challenges have impacted our area and the truth underscores the truth of working collectively,” he stated.
What you must know
The Financial Neighborhood of West African States (ECOWAS) is a regional political and financial union of 15 West African nations. Established on Could 28, 1975, by the Lagos Treaty, its main goal is to foster financial integration and cooperation amongst its member states to reinforce regional growth and stability.
- The 66th Abnormal Session is being hosted by President Tinubu, who assumed the position of Chairman of the Authority of Heads of State and Authorities in June 2023 and was re-elected for a second one-year time period in June 2024.
- As of December 2024, ECOWAS consists of 12 member states: Benin Republic, Cape Verde, Côte d’Ivoire, The Gambia, Ghana, Guinea, Guinea-Bissau, Liberia, Nigeria, Senegal, Sierra Leone, and Togo.
One of many key agenda gadgets for the summit is the adoption of the ECO, ECOWAS’ proposed single foreign money. The leaders will focus on methods to speed up the implementation of the ECO and promote larger financial integration inside the area.
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