Nigeria has successfully fulfilled its financial responsibilities to the African Union by making the full payment of its assessed contributions for the year 2023.
This was made known in a statement by the Director of Information, State House, Abiodun Oladunjoye, on Saturday.
According to the statement, this was confirmed by the Permanent Secretary of the Ministry of Foreign Affairs, Ambassador Adamu Ibrahim Lamuwa, during the 43rd Ordinary Session of the Executive Council of the AU held in Nairobi.
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Nigeria is among the key financial contributors to the AU, alongside four other member-states.
The AU’s budget for 2023 amounts to $654.8 million, primarily funded through annual statutory contributions, voluntary contributions from development partners, and other miscellaneous income. Development partners play a vital role in supporting the AU’s budget, covering approximately 67 per cent of the total amount, while member-states, including Nigeria, contribute the remaining balance based on the approved scale of assessment by the Executive Council.
Ambassador Lamuwa stressed that Nigeria’s prompt payment of its financial assessments showcases its commitment as a responsible member state of the AU and commended President Bola Tinubu for leading by example as the Chairperson of the Economic Community of West African States. He described Tinubu as a President who prioritises the timely settlement of financial obligations.
President Tinubu is expected to attend the 5th Mid-Year Coordination Meeting on Sunday in Nairobi, where discussions on various crucial matters will take place.
He said, “Nigeria emphasised 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 fulfil their financial obligations.”
He welcomed the inclusion of the economic outlook of African nations and the performance evaluation of AU departments and organs over the past three years in the budgetary process. Nigeria emphasised the importance of an austerity-driven budget that focuses on results and avoids duplication.
Lamuwa called for closer collaboration and complementarity among AU organs and departments and requested that the AU Commission reduce travel costs by hosting more meetings at its headquarters in Addis Ababa, Ethiopia.
(Punch)
