𝐂𝐨𝐦𝐦𝐮𝐧𝐢𝐭𝐲 𝐁𝐮𝐝𝐠𝐞𝐭 𝐅𝐨𝐫𝐦𝐮𝐥𝐚𝐭𝐢𝐨𝐧: 𝐓𝐡𝐞 𝐑𝐨𝐥𝐞 𝐎𝐟 𝐄𝐂𝐎𝐖𝐀𝐒 𝐏𝐚𝐫𝐥𝐢𝐚𝐦𝐞𝐧𝐭.

...........𝒂𝒔 𝑹𝒕 𝑯𝒐𝒏 𝑩𝒆𝒏𝒋𝒂𝒎𝒊𝒏 𝑲𝒂𝒍𝒖 𝒔𝒑𝒆𝒂𝒓𝒉𝒆𝒂𝒅𝒔 𝒎𝒆𝒆𝒕𝒊𝒏𝒈 𝒊𝒏 𝑨𝒃𝒊𝒅𝒋𝒂𝒏

By Iyke Mba

12/08/2024

The Economic Community of West African States (ECOWAS) is a regional economic union comprising of 15 member states. With a population of over 385 million and a combined GDP of over $1 trillion, ECOWAS plays a crucial role in promoting economic integration, peace, and stability in the region. 

In order to effectively carry out its mandate, the organization relies heavily on a well-managed, transparent, and accountable budget. And this is precisely why the ECOWAS Joint Committee on Administration, Finance and Budget, Public Accounts, Macroeconomic Policy, and Economic Research has kicked off a four-day meeting under the theme: “The Role of the ECOWAS Parliament in Community Budget Formulation and Monitoring”.

The meeting, taking place in Abidjan, Côte d’Ivoire, is being spearheaded by the Chairman of the Finance and Budget Committee, Rt hon Benjamin Okezie Kalu. 

In his opening remarks, Hon Kalu emphasized the importance of the meeting in strengthening the oversight function of the Committee over the Executive. 

He highlighted the various measures that will be implemented to ensure the judicious and transparent use of community resources for the benefit of the people.

One of the key objectives of this Joint Committee meeting is to provide Representatives with a deeper understanding of the role of the ECOWAS Parliament in Community Budget Formulation and Monitoring. 

As the legislative arm of the organization, the Parliament plays a crucial role in the formulation and monitoring of the community budget. 

It is responsible for reviewing, amending, and approving the budget proposed by the Executive, ensuring that it aligns with the development goals of the community.

This meeting is also expected to equip members of the Joint Committee with the necessary knowledge and skills to carry out their oversight function effectively. 

With a better understanding of the budgeting process, Representatives will be able to effectively scrutinize the budget, identify potential loopholes and ensure that resources are used efficiently and for the intended purposes. 

This will go a long way in promoting good governance and accountability within the community.

The theme of the meeting, “The Role of the ECOWAS Parliament in Community Budget Formulation and Monitoring”, underscores the crucial role that the Parliament plays in ensuring the effective and transparent management of community resources. 

It highlights the need for cooperation between the Executive and the Legislature in order to achieve the development goals of the community. 

This Joint Committee meeting is an important step towards strengthening this cooperation and promoting a more accountable and responsible use of community resources.

Let me conclude by saying that the ECOWAS Joint Committee meeting presents an opportunity for Representatives to deepen their understanding of the budgeting process and their role in ensuring the prudent management of community resources. 

With a well-managed and transparent budget, ECOWAS will be better equipped to achieve its objectives of promoting economic integration, peace, and stability in the region. 

As the theme suggests, the Parliament has a crucial role to play in this process, and this meeting is an important step towards fulfilling that role. 

Let us hope that the outcomes of this meeting will pave the way for a more prosperous and integrated West Africa.

𝓘𝔂𝓴𝓮  𝓜𝓫𝓪

𝙎.𝙇.𝘼 𝘿𝙚𝙥𝙪𝙩𝙮 𝙎𝙥𝙚𝙖𝙠𝙚𝙧 𝙃.𝙊.𝙍