The Independent National Electoral Commission (INEC) has disclosed that the Federal Government released N313.4 billion for the upcoming 2023 general elections.
This information was revealed in the 2023 General Election Report released on Friday. Out of the total approved budget of N355 billion for the elections, INEC received N313.4 billion by September 2023.
For the conduct of the elections, INEC initially proposed a budget of N305 billion, which was broken down into N159.7 billion for electoral operations, N117.3 billion for electoral technology, and N20.4 billion for electoral administrative costs. Additionally, N7.4 billion, representing 2.5% of the total, was allocated for unforeseen electoral expenses.
The report outlined the budget submission process, where the commission presented its proposal to the presidency, and it was subsequently transmitted to the National Assembly for approval.
After appearing before relevant committees in a joint session, the National Assembly approved and appropriated N303.1 billion for the 2023 general election.
However, the report noted that by January 2023, it became evident that the approved amount would be insufficient due to factors such as the inflation rate, consumer price index, and widening differentials in the foreign exchange rate. This development has raised concerns about the adequacy of the funds allocated for the crucial electoral process.