The 2023 General Election Report, disclosed by the commission on Friday, revealed that by September 2023, N313.4 billion had been disbursed out of the approved N355.8 billion for the elections.
The report detailed INEC’s proposed budget of N305 billion for the 2023 general election, based on key activities outlined in the approved Election Project Plan.
The breakdown indicated N159.7 billion for electoral operations, N117.3 billion for electoral technology, and N20.4 billion for electoral administrative costs. An additional N7.4 billion, equivalent to 2.5 percent of the overall budget, was earmarked for unforeseen electoral expenses.
Following constitutional guidelines, the commission submitted its budget proposal to the presidency, which then forwarded it to the National Assembly for approval.
The report stated that INEC appeared before Senate and House Committees on INEC, as well as the Senate and House Appropriations Committee in a joint session. During this session, the INEC Chairman presented the expenditure layout, addressing all questions and queries from Committee members.
The National Assembly approved and allocated N303.1 billion for the 2023 general election, according to the report. However, by January 2023, it became evident that the authorized sum would be insufficient due to the rising consumer price index, inflation rate, and foreign currency rate discrepancies.
