Nigeria Contributes $710m to ECOWAS West Africa Units of Account, More Than 13 Countries in 12 Years
Nigeria has contributed more money to the Economic Community of West African States (ECOWAS) than 13 other Members states put together in the last 12 years, statistics have shown.
Statistics on payment of the Community Levy obtained by our correspondent showed that between 2003 and 2015, Nigeria paid $710, 497,352, equivalent to 480, 355,205 West Africa Units of Account (UA).
The West Africa UA is the official nominal monetary unit of measure or currency used to represent the real value.
The document was presented by the ECOWAS Commission as part of the Status of the Community report during an Extra Ordinary Session of the ECOWAS Parliament.
In the same period, 13 other countries contributed a cumulative amount of 697. 947 million dollars.
The countries are Benin, Burkina Faso, Cabo Verde, Cote d’Ivoire, Guinea, Guinea Bissau, Gambia, Liberia, Mali, Niger, Senegal Sierra Leone and Togo.
Out of the 13 countries mentioned, Guinea Bissau contributed the least amount of 3. 107 million dollars followed by The Gambia with 11. 171 million dollars and Cabo Verde with 12.879 million dollars.
Within the period, Sierra Leone contributed 19. 632 million; Liberia 29. 988 million dollars,; Guinea 31. 101 million; Niger 37. 788 million ,; Togo $48. 961 and Cote d’Ivoire $54. 173 million.
Benin Republic contributed a total of $76. 147 million; Mali paid $93. 538 million; Burkina Faso with $105. 278 million; while Senegal paid $174. 177 million.
The highest paying country after Nigeria is Ghana which paid $327. 976 million within the same period.
According to the statistics, a total of $1. 736 billion was contributed within the period by all 15 member states, with Nigeria paying 40.9 per cent of the amount.
The News Agency of Nigeria (NAN) reports that the budget for each financial year is met by the member states through their contributions to the Community Levy, a 0.5 per cent tax imposed on goods from non-ECOWAS countries.