ECOWAS Parliament approves 2018 community budget

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ECOWAS

The ECOWAS Parliament has adopted the proposed 2018 community budget of 284.9 million West African Units of Account (UA) approximately 122 billion naira.

The Central Bank of Nigeria puts a West African UA at 430.1 naira.

The budget was adopted following the presentation of the Report of the Ad hoc Committee for the Consideration of the Consolidated 2018 Budget of the Community.

The report, adopted by the parliament at its ongoing Second Ordinary session in Abuja, was presented by the Chairman of the committee, Mr Orlando Pereira.

The proposed budget depends majorly on the Community Levy of 175.9 million UA (approximately 75.7 billion naira).

The committee noted that the Community Levy represented 70 per cent of the bloc’s source of funding for its activities.

It, however, said that the community budget performance for the 2017 financial year showed a relatively low…

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