WorldStage Newsonline– The Economic Community of West African Countries (ECOWAS) has presented a budget proposal of $602 million to the Parliament for 2019 fiscal year.
Chairman of the Administration and Finance Committee (AFC) Mallam Musa Sani Nuhu who made the budget presentation during the ongoing 2nd ordinary session of the ECOWAS parliament in Abuja said there had been over 70% compliance so far from community levy from member states and that other funding from donors would be available to finance the budget.
“There has been a lot of compliance from member countries and Nigeria being the biggest contributors has reached the final process payment,” he stated.
The chairman also explained that 73 % of the budget would be used for infrastructure, health, education and projects that would touch the lives of people directly while the rest go for administrative cost.
He said further: “We have moved ECOWAS of states to ECOWAS of the people, therefore projects must be visible and tangible so that people will feel and see what ECOWAS is doing.”
It will be recalled that this is the first time the Parliament is exerting its oversight function, giving it opportunity to contribute to the budget of the community.
The budget figure is in West African Units of Accounts (UA) and using the budget document, 1 U.S. dollar is equal to 0.6337 UA.
At the end of the presentation, the parliament referred the budget proposal to the Ad-hoc Committee on Administration, Finance and Budget Control to report back to plenary on Saturday.