The Nigerian government, under the leadership of President Bola Tinubu, has taken a bold step by paying a massive N85 billion ($54 million) as a community levy to the Economic Community of West African States (ECOWAS).
This payment, made on Friday, represents Nigeria’s full community levy contributions from January 2023 to July 2024.
For the first time in 19 years, Nigeria has cleared 100% of its ECOWAS dues, marking a significant moment for the country and the regional body.
Speaking at the 66th Ordinary Session of the Authority of Heads of State and Government of ECOWAS in Abuja, ECOWAS Commission President Omar Touray praised the move.
“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,” Touray said during his opening remarks.
He added, “I am therefore pleased to announce that on Friday 13, December 2024, Nigeria paid N85 billion and $54 million, representing 100% of the 2023 levy and the levy of 2024 up to July 2024.”
Touray described the payment as a testament to President Tinubu’s leadership and Nigeria’s unwavering commitment to the ECOWAS community.
Despite this achievement, Touray expressed concerns about the slow pace of levy remittances by other member states.
“Excellencies, I cannot conclude my statement without touching on the finances of the community,” he said.
“A number of countries have fallen behind with their community levy remittances. This needs to be reversed.”
A Crucial Meeting Amid Rising Tensions
The ECOWAS session, hosted at the State House Conference Centre in Abuja, brought together 12 African presidents to discuss pressing regional issues.
President Tinubu, as Chairman of the Authority of Heads of State and Government, is presiding over the meeting.
Tinubu assumed this role in June 2023 and was re-elected for a second term in June 2024.
The meeting comes at a critical time, with rising tensions following the withdrawal of Burkina Faso, Mali, and Niger from ECOWAS in January 2024.
Delegates are set to review sanctions imposed on these nations and deliberate on strategies to address political instability and security threats.
Tackling Terrorism and Instability
One of the meeting’s key agenda items is tackling the surge of terrorism in the Sahel region and restoring stability in member states.
Regional leaders will also discuss progress in countries under military rule, emphasizing the need for shorter transitions to civilian governance.
“Our region faces challenges that threaten our collective future,” said one of the attending leaders.
“It is time for us to act decisively to protect democracy and security in West Africa.”
Economic Integration in Focus
Economic integration is another priority for the leaders, particularly the adoption of the ECO, a proposed single currency for ECOWAS member states.
The single currency project has faced delays, but the Abuja meeting aims to chart a clear path forward.
“The vision of a single currency is vital for our region’s economic growth,” said an ECOWAS official.
“It will enhance trade, investment, and unity among our nations.”
As of December 2024, ECOWAS member states include Benin Republic, Cape Verde, Côte d’Ivoire, The Gambia, Ghana, Guinea, Guinea-Bissau, Liberia, Nigeria, Senegal, Sierra Leone, and Togo.
Tinubu’s Leadership at the Helm
President Tinubu’s leadership has been pivotal in steering ECOWAS through turbulent times.
Since assuming the chairmanship, he has emphasized the importance of unity, financial discipline, and decisive action.
His re-election for a second term reflects the confidence of member states in his ability to lead the regional body.
“This is a defining moment for West Africa,” said a Nigerian political analyst.
“Tinubu’s bold moves, including the full payment of ECOWAS levies, signal his commitment to regional leadership.”
