The Economic Community of West African States (ECOWAS) Commission has presented its 2022 Budget estimates of 393,612,400 Units of Account (UA) to the ECOWAS Parliament.
The Units of Account (UA) is the common currency used by ECOWAS institutions in its financial operations.
The Commission made the budget presentation before the Community Parliament at the ongoing 2021 second ordinary session of the Parliament in Abuja, Nigeria.
The Chairman of Administration and Finance Committee (AFC), of ECOWAS Commission, Mr Mohammed Nurudeen Ismaila, presenting the budget said it has been drafted to address the key areas of interventions in the region by the ECOWAS Commission.
Mr Ismaila said that AFC also agreed for an increased budget for the West African Health Organisation (WAHO) to effectively handle the COVID-19 pandemic.
“The proposed 2022 draft budget is to the tune of 393,612,400 Units of Account. “Seventy-one per cent of the proposed budget is expected to be funded by contributions from external sources, while one 116,073,269 Units of Account will be funded from external sources. Given the current health situation of the world, the West Africa Health Organisation (WAHO) proposes a budget of over 59 million Units of Account, a 37.7 per cent increase in its 2021 budget. This was agreed on by the committee of AFC,” Ismaila said.
Ismaila in the presentation, however, noted that that many countries had defaulted in the regular payment of the levy, which is likely to have impacts in the 2022 budget.
Mr. Ismail said that the AFC reports also revealed that in accordance with Article 10 of the Protocol on the deposit rate, only eight out of the fifteen member states of ECOWAS were depositing regularly.
He explained that this means other Member States are either not remitting or depositing their community levies irregularly.
The Commissioner of Finance, ECOWAS Commission, Mrs. Halima Ahmed who gave a breakdown of the budget at the session explained that the budget is targeted at tackling, COVID-19 pandemic, security and infrastructural challenges facing the region.
The budget which covers all ECOWAS institutions major main source of funding will be the Community Levy paid by ECOWAS Member States.
The Speaker of the ECOWAS Parliament Dr Sidie Mohammed Tunis, after the deliberations set up a 24 Member special Committee special on Administration Finance and Budget to consider the draft consolidated 2022 community budget.
Dr Tunis urged them to be diligent in their efforts to enable the community have an effective budget.
The committee Chairman, Senator Ali Ndume of Nigeria is expected to deliberate on the ECOWAS Commission draft budget on Monday December 6 and present its report at the plenary session of the Parliament on Tuesday December 7, 2021.
Hauwa Mustapha
