November 23, 2024
New Naira notes

The Independent National Electoral Commission (INEC) has finally received the cash it requested from the Central Bank of Nigeria (CBN) to prosecute the 2023 general elections.

INEC National Commissioner and Chairman of its Committee on Information and Voter Education, Festus Okoye, had earlier in the week disclosed that the CBN would grant the commission’s cash request on or before Tuesday, February 21, 2023.

There had been fear that the election might be disrupted if the CBN fails to grant INEC’s cash request due to the scarcity of naira notes occasioned by the apex bank’s cashless policy.

INEC had explained that even though most of its payment are done through online transfers, it would need cash for some specific services.

However, four days before the 2023 general election, the CBN finally granted INEC’s cash request.

According to Daily Trust, one INEC national Commissioner, whose name was not disclosed confirmed that the electoral body has received the cash it requested from the CBN.

“The issue of the cash crunch has been resolved and our resident electoral commissioners have started collecting the money.”

“Before they got the clearance to have access to the money, we earlier sent the requests to CBN based on the demands of each state. What the REC in each state requires is different depending on the topography of their states and it is based on this that the funds were approved,” the INEC official said.

Oyo State REC, Dr Adeniran Rahmon Tella, also confirmed the development while addressing journalists at a news conference on Tuesday, February 21, 2023.

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