Nigeria single-handedly pays $1.177bn to ECOWAS in 16yrs as 12 countries pay $897.7m in total

The Federal Government has paid over 1.177 billion dollars to the Economic Community of West African States (ECOWAS) as its Community Levy.

The Federal Government has paid over 1.177 billion dollars to the Economic Community of West African States as its Community Levy contribution in the last 16 years.

The West African Unit of Account is the authorised currency used in ECOWAS. The exchange rate for July obtained from ECOWAS shows that one Unit of Account equals 1.3799633 dollars. Within the period under review, Guinea Bissau paid the lowest amount of 6, 204 million dollars, representing 0.2 per cent of total community levy proceeds in the 16 years under review.However, the Community Levy Protocol took effect in 2003 when all member states started its application.

A further look into the community levy data showed that many countries were yet to pay the total sum from their community levy assessments.

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