FG Allocates N313.4 Billion To INEC For 2023 General Election, New Report Reveals

FG Allocates N313.4 Billion To INEC For 2023 General Election, New Report Reveals

In a landmark move aimed at ensuring the smooth planning and execution of the 2023 general elections, the Federal Government has allocated a staggering sum of N313.4 billion to the Independent National Electoral Commission (INEC). This monumental funding, disclosed in the commission’s 2023 General Election Report released on Friday, underscores the government’s commitment to fostering a transparent and democratic electoral process…..READ ALSO FG Approved N60 Billion To Climate Change Projects In 2024 Budget

The report, a comprehensive account of financial disbursements and election preparations, revealed that as of September 2023, N313.4 billion out of the approved N355.8 billion for the elections had been disbursed. Detailing INEC’s proposed budget of N305 billion for the general election, the report outlined key allocations for electoral operations, technology, administrative costs, and unforeseen expenses.

According to the breakdown, INEC requested N159.7 billion for electoral operations, N117.3 billion for electoral technology, and N20.4 billion for administrative expenses. Additionally, N7.4 billion, equivalent to 2.5 percent of the overall budget, was earmarked for unforeseen electoral expenses, demonstrating a comprehensive approach to financial planning.

The report further highlighted the meticulous process by which the budget was scrutinized and approved by the National Assembly. Following constitutional guidelines, INEC submitted its budget proposal to the presidency, which then forwarded it to the National Assembly for review and approval. The commission’s Chairman appeared before Senate and House Committees on INEC, presenting the expenditure layout and addressing queries from committee members.

Despite the initial approval of N303.1 billion by the National Assembly, it became apparent by January 2023 that the allocated sum would be insufficient due to economic factors such as the rising consumer price index, inflation rate, and foreign currency discrepancies. This underscores the dynamic nature of budgetary considerations and the need for flexibility in adapting to changing circumstances.

The significant funding injection by the Federal Government reflects a concerted effort to uphold the integrity of the electoral process and ensure that INEC has the necessary resources to conduct free, fair, and credible elections. As Nigeria prepares for the 2023 general election, this unprecedented allocation sets a new standard for electoral financing and underscores the government’s commitment to democratic governance.