The amount of N313.4 billion was released by the Federal Government to be used for the 2023 general elections, according to the Independent National Electoral Commission, INEC.
As of September 2023, just N313.4 billion out of a total of N355 billion has been disbursed, according to the commission’s 2023 General Election Report, which was published on Friday.
The study said that INEC suggested a budget of N305 billion to be used for the 2023 general election, in accordance with the major tasks outlined in the approved Election Project Plan.
This sum was requested by the commission for electoral operations at N159.7 billion, electoral technology at N117.3 billion, and administrative costs at N20.4 billion.
It further revealed that an amount of N7.4 billion, or 2.5 percent of the total election operation, technology, and administrative costs, was reserved for any unanticipated electoral expenditures.
According to the report, the commission’s budget proposal for the 2023 general election was sent to the president and subsequently passed on to the National Assembly for approval, as required by the 1999 Constitution.
The INEC chairman presented the budget’s expenditure layout and fielded questions and queries from the Appropriations and Senate Committees on INEC, as well as the House and Senate Committees on INEC, in a joint session.
In order to fund the general election in 2023, “the National Assembly approved and appropriated the sum of N303.1 billion,” the statement read.
It did, however, note that the allowed amount would clearly not cover the costs of holding the election by January 2023 owing to rising inflation, the consumer price index, and increasing foreign currency rate differentials.