Article 53 — CEDEAO Traite-1975

Budget of the Community

1. There shall be established a budget of the Community.
2. All expenditures of the Community, other than those in respect of the Fund for Cooperation, Compensation and Development, established under Chapter XI of this Treaty, shall be approved in respect of each financial year by the Council of Ministers and shall be chargeable to the budget.
3. Resources of the budget shall be derived from annual contributions by Member States and such other sources as may be determined by the Council of Ministers.
4. The budget shall be in balance as to revenues and expenditures.
5. A draft budget for each financial year shall be prepared by the Executive Secretary and approved by the Council of Ministers. 37
6. There shall be special budgets to meet extraordinary expenditures of the Community.
7. The Administration and Finance Commission shall consider the draft budget of the Community as well as all administrative and financial matters of the community institutions and shall submit recommendations on this subjects to the council of ministers.