#Business news

Community Levy Constitutes 99.92 Of ECOWAS Parliament Budget 2022

The parliament of the Economic Community of West African States (ECOWAS) has disclosed that 99.92 per cent of its 2022 budget of over 20 million (20,401,258) Units of Account (UA), will be funded from community levy payment.

99.92 per cent which amounts to the sum of UA 20,386,0009 will be funded from community levy, 0.8 per cent which amounts to UA 16,249 will come from other sources. The parliament also disclosed that the 2022 budget is with zero per cent increase from its 2021 budget.

The regional legislature said “The projected revenue of parliament for the 2022 fiscal year, stands at UA 20,401,258.

The parliament noted that non-increase in its 2022 budget was because of the direct impact of the current COVID-19 pandemic and political challenges within the sub-region on community levy projection

”UA 13,025,781 or 64 per cent is estimated for programmes and UA 201,993 or 1 per cent is estimated for contingency.”

Dr Sidie Tunis, Speaker of the Parliament in an interview with journalists assured that over 99 per cent of the budget will be funded with proceeds from Community levy as countries are cooperating in their payment.

“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 community levy.

“Even countries like Cape Verde who normally lack behind in payment, while I was here, I engaged them. “And they said immediately after their elections, they are going to have a conversation with the Commission for them to start to pay,” Tunis said.


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