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ECOWAS Financial Stability Unshaken by the Exits of Niger, Mali, Burkina Faso - Kalu

Esther

The Deputy Speaker of Nigeria's House of Representatives and Chairman of ECOWAS Parliament's Joint Committee on Administration, Finance, and Budget, Rep. Benjamin Kalu addressed growing concerns about the potential exit of Niger, Mali, and Burkina Faso from the Economic Community of West African States (ECOWAS).


Kalu reassured that the financial stability of ECOWAS would remain intact even if these countries decide to leave the bloc. Kalu emphasized that ECOWAS is actively employing "parliamentary diplomacy" to mitigate the threats posed by the possible exits.


He explained, "There are already mechanisms in place, through what is called parliamentary diplomacy, to reach out to them.


Letters have been sent to them, and very soon, some of us will start visiting those countries to engage the heads of government." He further elaborated on the importance of maintaining unity within the bloc, stating, "We’ll open up the doors for them to come back to the family; We need them.


We’ll tell them for instance that, granted, maybe they were offended by one or two things, but let us sit down again and discuss."


Despite the diplomatic efforts, Kalu assured that ECOWAS's finances would not be threatened in a worst-case scenario where the three countries proceed with their exit.


"There is a clear definition of the sources of ECOWAS revenue," he noted, highlighting that the Community Levy is just one of many revenue streams. "There are many other sources.


So, we want to make sure that we streamline it and know where monies are coming from."


Kalu also pointed out the potential for increasing funds through various development agencies and other interested parties in the sub-region.


"If these are not enough, we will increase because there are so many development agencies, there are so many people, who are interested in the sub-region.


There are multiple ways of raising funds for the parliament, as well as the community," he added.




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