The Commission of the Economic Community of West African States (ECOWAS) has presented the ECOWAS Parliament in Abuja with its draft budget for 2022, which totals 393,612,400 Units of Account (UA).
The budget will be used to combat the COVID-19 epidemic, security and infrastructural issues, as well as promote democracy and good governance in the sub-region.
The Commission presented the budget to the ECOWAS Parliament during the second ordinary session of the year 2021, which was held in Abuja.
Units of Account (UA) are the standard currency used by ECOWAS institutions in their financial transactions, according to the Nigerian News Agency (NAN).
While presenting the budget, Mr Mohammed Ismaila, Chair of the ECOWAS Commission Administration and Finance Committee (AFC), stated that it was written to meet the sub-key region’s areas of intervention.
According to Ismaila, the AFC also agreed to raise the budget for the West African Health Organization (WAHO) in order for the COVID-19 epidemic to be adequately handled.
“The proposed draft budget for 2022 totals 393,612,400 U.S. dollars.
“External contributions are estimated to fund 71% of the proposed budget, whereas one 116,073,269 Units of Account will be supported through external sources.”
“In light of the current global health scenario, the West African Health Organization (WAHO) recommends a budget of over 59 million Units of Account, a 37.7% increase over its budget for 2021.”
“This was decided by the AFC committee,” Ismaila remarked.
However, Ismaila warned in her presentation that many countries have failed to pay the charge on time, which will likely have an impact on the 2022 budget.
According to the AFC reports, only eight of the fifteen ECOWAS member states were depositing in compliance with Article 10 of the Protocol on the Deposit Rate.
Other Member States are either not remitting or depositing their levies infrequently, he explained.
Following the debates, Speaker of the Parliament Sidie Mohammed Tunis established a 24-member special Committee on Administration, Finance, and Budget to evaluate the draft unified community budget for 2022.
Tunis asked them to work hard in order for the town to have a functioning budget.