The Independent National Electoral Commission (INEC) reported that the Federal Government allocated N313.4 billion for the planning and execution of the 2023 general elections.
According to sources, the commission's 2023 General Election Report, which was made public on Friday, showed that as of September 2023, N313.4 billion of the allocated N355.8 billion for the polls had been distributed.
The study revealed INEC's proposed budget for the 2023 general election, which totals N305 billion and is based on the core tasks identified in the approved Election Project Plan.
The commission requested N159.7 billion for electoral operations, N117.3 billion for electoral technology, and N20.4 billion for electoral administrative costs, with an additional N7.4 billion, or 2.5 per cent of the total budget, set aside for unforeseen electoral expenses.
The report stated that, in accordance with the 1999 Constitution, the commission submitted its budget plan for the 2023 general election to the presidency, who subsequently forwarded it to the National Assembly for approval.
"Consequently, the commission appeared before the Senate and House Committees on INEC as well as the Senate and House Appropriations Committee in a joint session during which the INEC Chairman presented the expenditure layout of the budget and answered all questions and queries from Committee members.
“The National Assembly approved and appropriated the sum of N303.1 billion for the conduct of the 2023 general election,” it stated.
However, it stated that by January 2023, it was clear that the authorised amount would not be sufficient to hold the election due to the rising consumer price index, inflation rate, and foreign currency rate disparities.
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