The FCT handed out N313.4 billion to INEC for the general elections of 2023

The 2023 general elections were funded with a total of N313.4 billion, 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.

The commission requested a total of N159.7 billion, with N117.3 billion going toward electoral technology and 20.4 billion toward election administration expenses, according to the breakdown of this sum.

Additionally, it 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.

In accordance with the 1999 Constitution, the report indicated that the commission’s budget request for the 2023 general election was sent to the president and subsequently passed on to the National Assembly for approval.

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.

Officials said that N303.1 billion had been “approved and appropriated” by the National Assembly to fund the general election in 2023.

Nevertheless, it was noted that by January 2023, it had become evident that the allocated funds would not be sufficient to hold the election because of rising inflation, consumer price index, and foreign currency rate differentials.