The Tinubu Media Volunteers (TMV) has applauded the decision of President Bola Ahmed Tinubu to pay the community levy of N85 billion and $54 million due to the Economic Community of West African States (ECOWAS) in one fell swoop.
This comes at a time when Nigeria also serviced its 2020 International Monetary Fund (IMF) debt of $3.26 billion with about $1.22 billion in about nine months as revealed in the data released by the Debt Management Office (DMO).
In a statement signed by its Chairman Chukwudi Enekwechi and Secretary Shedrach Sunday, the group said both feats were achieved as a result of financial re-engineering institutedq by the Tinubu administration.
It read in part, “The Nigerian government had paid N85 billion and $54 million as community levy to the ECOWAS, payments which represent 100 per cent of the 2023 levy and that of 2024 up till July and from all indications, it was the first time in decades that Nigeria was keeping to its commitment
“While President of the ECOWAS Commission Omar Touray revealed that the debts were cleared in Abuja during the opening of the 66th Ordinary Session of the Authority of Heads of State and Government of the ECOWAS, DMO indicated that over 60% of the country’s debt to IMF were paid in three consecutive quarters.
“A breakdown of the payments made to IMF shows that $401.73m was paid in Q4 2023, followed by $409.35m in Q1 2024, and $404.24m in Q2 2024, amounting to a total of $1.22bn.
“As a result, Nigeria’s indebtedness to the IMF has significantly reduced from $3.26bn as of June 2023 to $1.16bn by June 2024.
“Just like the payment to IMF, we see it as a reflection of the deft handling of national resources by the Tinubu administration, especially as these are commitments that were partly inherited by the President.
“For us at TMV, these payments demonstrate the commitment of the Tinubu administration to meeting the country’s responsibility to its international partners as well as living up to its domestic obligations to the citizenry.
“On the ECOWAS commitment, it shows that the President understands the pivotal role of Nigeria in the sub-region, and offsetting the debt will help revitalize the activities of the commission.
“The full payment of Nigeria’s levy to ECOWAS is a clear indication that President Tinubu cherishes the unity of member states, and this can only be achieved when there is buoyancy in the running of the community’s activities.
“For a very long time, the involvement of Nigeria in the affairs of ECOWAS has been limited to rhetoric but with President Tinubu in the saddle as chairman, ECOWAS is witnessing a proactive and committed leadership under his leadership.
“We believe that going forward Nigeria would once again begin to garner the respect of other ECOWAS countries and the international community based on the understanding of President Tinubu of the huge role Nigeria could play in regional and global affairs.
TMV added that the payment is an indication that the reference to Nigeria as the giant of Africa and the leader of the West African sub-region is fitting and not misplaced.
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