President Tinubu commits to accelerating the implementation of AfCFTA
Nigeria has fulfilled its financial obligations to the African Union (AU) by making full payment of its assessed contributions for the year 2023.
According to a press release issued from the state house by Director of Information, Abiodun Oladunjoye, the confirmation was made on Saturday by the Permanent Secretary, Ministry of Foreign Affairs, Amb. Adamu Ibrahim Lamuwa, on the sidelines of the 43rd Ordinary Session of the Executive Council of the AU in Nairobi, Kenya.
While attending the 43rd Ordinary Session of the Executive Council of the AU, President Bola Ahmed Tinubu stated in a tweet as the Chairperson of ECOWAS: “I’m eager to present our progress & engage in discussions to accelerate AfCFTA implementation for a united, prosperous Africa.”
Ambassador Lamuwa explained that the payment of the full assessment to AU demonstrates Nigeria’s commitment to its responsibilities as an AU member-state.
He commended President Bola Tinubu for living up to expectations not only as the Chairperson of ECOWAS but also as a President who emphasizes prompt payment of financial assessments.
During the Executive Council meeting, the Permanent Secretary shared Nigeria’s stance on the proposed 2024 Budget of the AU.
He welcomed the consideration of the economic outlook of African countries and the execution rate of AU departments and organs, over the past three years, in the budget drafting process.
“Nigeria emphasized the importance of an austerity-driven, results-oriented budget that avoids duplication.
“Accountability and prudent resource management were also highlighted to encourage other member countries to fulfill their financial obligations,’’ he said.
The Permanent Secretary called for synergy and complementarity among AU organs and departments and requested that the AU Commission (AUC) reduce travel costs by hosting more meetings at its headquarters in Addis-Ababa, Ethiopia.
He also stressed the need for compliance with internal audit processes to ensure transparency and accountability.
President Tinubu is scheduled to attend the 5th Mid-Year Coordination Meeting on Sunday in Nairobi, where discussions on other significant matters will take place.
Ambassador Lamuwa also highlighted that the ministerial-level meeting preceding the Heads of State’s participation adopted the theme of Education for the AU in 2024.
He noted that this aligns well with President Tinubu’s focus on education as a priority area domestically, making his leadership in Nigeria and ECOWAS timely and beneficial.
Nigeria is one of the major financial contributors to the African Union (AU), alongside four other member-states.
The AU’s 2023 budget of $654.8 million is primarily financed through annual statutory contributions and voluntary contributions from development partners, as well as other miscellaneous income.
Development partners play a crucial role in supporting the AU’s budget, covering at least 67% of the total amount while Member-states, including Nigeria, contribute to the remaining balance of the budget based on the approved scale of assessment by the Executive Council.
Source: Nigerian Government State House
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