ECOWAS Parliament to fund 2022 budget from levies
The Economic Community of West African States (ECOWAS) Parliament has said 99.92 per cent of its 2022 budget of over 20 million (20,401,258) Units of Account (UA) would be funded from levies.
The disclosure followed the adoption of the financial document at the ongoing Second Extraordinary Session in Winneba, Ghana.
According to the legislature, the remaining 0.8 per cent, amounting to UA 16,249 would come from other sources.
It noted that the 2022 Appropriation Act was same in size with the previous year.
The non-increase, the parliament added, was due to the adverse impact of the COVID-10 pandemic and political instability in the sub-region on community levy projections.
It clarified: “The projected revenue for the 2022 fiscal year stands at UA 20,401,258. Out of this amount, the sum of UA 20,385,009 or 99.92 per cent will be funded from community levy proceeds, while UA 16,249 or 0.8 per cent will come from other sources.
“Out of this amount, the sum of UA 247,025 or one per cent is estimated for governing bodies, UA 6,926,460 or 34 per cent is estimated for administrative expenses.
“UA 13,025,781 or 64 per cent is estimated for programmes and UA 201,993 or one per cent is estimated for contingency.”
Speaker of the Parliament, Dr. Sidie Tunis, in an interview with journalists, said the projections were feasible, as member-nations have been cooperating regarding payments.
His words: “I know a lot of countries are now cooperating with the community levies and it is absolutely possible to meet the 99.92 per cent funding of the budget from levies.”
On exhausting the 2021 budget, which stood at 47 per cent execution rate as at September, Tunis promised that the legislature would implement all programmes captured in the document.
He attributed the slow pace to the outbreak of the novel Coronavirus, adding that lives of parliamentarians and staff remain dear to him.
The Speaker pledged that the programmes and projects listed in the 2022 budget would be duly executed.