Nigeria pays N85 billion ECOWAS debt, $54 million levy

Nigeria pays N85 billion ECOWAS debt, $54 million levy

Nigeria has paid its accumulated debt of N85 billion and $54 million outstanding levy to the Economic Community of West African States (ECOWAS), President of the ECOWAS Commission, Omar Touray, said on Sunday.

Touray said this while speaking at the opening session of the 66th Ordinary Session of the ECOWAS Authority of Heads of State and Government chaired by Nigeria’s President Bola Tinubu at the Presidential Villa in Abuja.

He said Nigeria paid all its obligations on Friday, December 13, 2024, stressing that the funds represents 100 percent of the 2023 and 2024 levy, up to July, this year, adding that this is the first time such will be made in 19 years.

“Our community levy remittances continue to be slow, a number of countries have fallen behind in their commitment to levy remittances.

“The good news is that for the first time in 19 years, Nigeria has decided to pay 100 percent of its community levy up to 2023, Nigeria paid N85 billion naira and 54 million US dollars, representing 100 percent of the 2023 levy and the level of 2024 up to July 2024.

“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,” he said.

President Bola Ahmed Tinubu had at the 65th session of the ECOWAS meeting tasked member states to fulfil financial commitments to the region body.

He said financial resources were needed to operationalise the ECOWAS Standby Force (ESF) and combat terrorism, banditry and violent extremism among others.

“Let me underscore that a peaceful and secure society is essential for achieving our potential, move to operationalise the ECOWAS Standby Force (ESF) in combating terrorism, I must emphasise that the success of this plan requires, not only strong political will but also substantial financial resources.

“We must therefore ensure that we meet the expectations and recommendations set forth by our ministers of Defense and Finance in order to counter the insecurity and stabilise our region. Member states must make extra commitment to providing resources for stabilizing the region,” he said.