We Received N313.4 Billion for 2023 Elections – INEC

The National Electoral Authority, known as INEC, disclosed that it received N313.4 billion from the Federal Government to manage the 2023 general elections. This funding, as mentioned in their 2023 General Election Report unveiled on Friday, fell short of the N355 billion initially approved for the electoral process, with the actual release totaling N313.4 billion by September 2023.

We Received N313.4 Billion for 2023 Elections - INEC

The report elaborates that for the 2023 elections, INEC had estimated a budget of N305 billion based on its comprehensive Election Project Plan. This proposed budget included N159.7 billion allocated for electoral operations, N117.3 billion dedicated to electoral technology, and N20.4 billion for administrative expenses related to the elections.

Furthermore, an additional N7.4 billion, which represents 2.5 percent of the total costs for operations, technology, and administration, was earmarked to cover any unexpected electoral expenses.

INEC’s funding request, adhering to the 1999 Constitution’s requirements, was formally submitted to the executive branch and subsequently forwarded to the National Assembly for its endorsement.

“Following this, the commission made representations to both the Senate and House Committees on INEC, as well as the joint session of the Senate and House Appropriations Committees. During these sessions, the INEC Chairman detailed the budgetary needs and responded to inquiries from the committee members.

The legislative body sanctioned a budget of N303.1 billion for the 2023 electoral cycle,” the report clarifies.

However, by January 2023, it became apparent that the sanctioned funds would be insufficient to cover the election expenses. This shortfall was attributed to escalating inflation rates, rising consumer price indices, and fluctuating foreign exchange rates.

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