According to a report released by the Independent National Electoral Commission (INEC), the Federal Government has disbursed N313.4 billion for the forthcoming 2023 general elections.
The report, unveiled on Friday, disclosed that out of the total N355 billion earmarked for the elections, only N313.4 billion had been released as of September 2023.
Outlined in the report are the key activities outlined in the approved Election Project Plan for the 2023 general election, for which INEC proposed a budget of N305 billion.
Further breakdown indicates that the commission sought N159.7 billion for electoral operations, N117.3 billion for electoral technology, and N20.4 billion for electoral administrative costs. Additionally, N7.4 billion, equivalent to 2.5 percent of the total expenses, was reserved for unforeseen electoral expenses.
The report emphasized that in accordance with the provisions of the 1999 Constitution, INEC’s budget proposal for the 2023 general election was submitted to the presidency and subsequently forwarded to the National Assembly for approval.
Following this, the commission presented the budget expenditure layout before the Senate and House Committees on INEC, as well as the Senate and House Appropriations Committee in a joint session. The INEC Chairman provided details of the budget and addressed inquiries from committee members.
Ultimately, the National Assembly approved and allocated the sum of N303.1 billion for the conduct of the 2023 general election.
However, the report highlighted concerns arising in January 2023, as it became evident that the approved amount might not suffice due to inflation rates, consumer price index fluctuations, and widening disparities in the foreign exchange rate.