Nigeria has paid off an accumulated debt of N85 billion and $54 million outstanding levy owed to the Economic Community of West African States (ECOWAS).

President of the ECOWAS Commission, Omar Touray, who made the disclosure, Sunday in Abuja said the amount represents 100 per cent of Nigeria’s 2023 and 2024 debts to the regional body.

Touray spoke at the opening of the 66th Ordinary Session of the ECOWAS Authority of Heads of State and Government chaired by Nigeria’s President, Bola Tinubu in the Presidential Villa.

Recall that as Chairman of the regional bloc during its 65th session in Abuja, Tinubu had tasked member states to fulfil financial commitments to the body to effectively tackle the myriad of security challenges besetting the area.

The Nigerian leader noted that substantial financial resources are needed to operationalize the ECOWAS Standby Force (ESF) and combat terrorism, banditry and violent extremism among others.

He urged all the member states to honour their obligations including financial to enable the body to meet the expectations and recommendations of its ministers of Defense and Finance which includes stabilization of the region to effectively address the menace of insecurity in the area.

“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 stabilize our region. Member states must make extra commitment to providing resources for stabilizing the region,” Tinubu had said.

Touray on Sunday told leaders of the regional bloc that while ECOWAS had suffered slow response from member states in remitting their levies, the Nigerian government had cleared its levies from 2023 to date.

He further said that it was the first time in 19 years that Nigeria would pay 100% of its ECOWAS levy.

The ECOWAS President also commended the President Tinubu-led administration’s efforts towards provision of support to the regional body.

“This needs to be reversed. The 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. I am therefore pleased to announce that on Friday, December 13th, Nigeria paid N85 billion and 54 million representing 100 per cent of the 2023 levy and the levy of 2024 up to July 2024.

“We all agree that this payment underscores the leadership and commitment of President Ahmed Tinubu, the government and the people of Nigeria to our community.

“At a more personal level, it represents a mark of confidence on the management that I have been privileged to lead since 2022. My colleague and I are deeply grateful and I thank you for your attention,” Touray stated.

Touray also took time to applaud the efforts of outgoing President of Ghana, Nana Akufo-Addo for his contributions to the growth and stability of ECOWAS. He said Akufo-Ado would leave office on January 7, 2025.

In his welcome address, the Chairman of the ECOWAS Authority of Heads of State and Government and President of Nigeria, President Tinubu called for cooperation among member states in protecting citizens and providing an enabling environment for the people to thrive.

President Tinubu noted that economic cooperation has been bolstered by ECOWAS’s several policy actions. He commended Ghana and Senegal for holding successful presidential and parliamentary elections respectively.

The Nigerian leader urged the countries in the region to learn from the examples.

Tinubu also joined in commending the outgoing Ghanaian President for his selfless leadership in allowing the will of the people to prevail in that country’s last presidential election.

Akufo-Addo attended the ECOWAS Authority of Heads of State and Government for the last time as President of Ghana.