Naira Scarcity: INEC Finally Receives Cash From CBN Ahead of 2023 Elections

Naira Scarcity: INEC Finally Receives Cash From CBN Ahead of 2023 Elections

  • The electoral umpire of Nigeria, INEC, says it has received cash from the Central Bank of Nigeria
  • The commission said that its Resident Electoral Commissioners collected the funds from CBN offices in the zones
  • According to INEC, the money will be used for its logistics and transport activities during the 2023 elections

Ahead of the 2023 elections, the Independent National Electoral Commission (INEC) has disclosed that it has received some cash from the Central Bank of Nigeria (CBN).

The money, Daily Trust reports, will be used by the electoral body for its transport and logistics during the polls, which would kick off on Saturday, February 25.

INEC, CBN, Cash, New naira notes
INEC says RECs have started receiving new naira notes from the CBN ahead of the elections. Photo: Bashir Ahmad
Source: UGC

A national commissioner for INEC who spoke on the issue of paucity of cash for INEC's logistics during the election said the commission needed cash rather than bank transfers to sort a number of their activities.

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Speaking in confidence, the commissioner said CBN bank controllers had been instructed to disburse cash to INEC offices across states of the country.

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He said:

“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 Punch reports that in addition, Adeniran Tella, the Oyo state Resident Electoral Commissioner for INEC, said security operatives across Nigeria would be working with INEC and the CBN to make sure the distribution of the cash runs smoothly..

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Naira scarcity: INEC highlights commission's biggest fear during election, calls for CBN's intervention

Meanwhile, INEC had earlier stated that the ongoing scarcity of funds might be affecting the operations of some officials of the commission.

The commission's Resident Electoral Commissioner for the Federal Capital Territory, Yahaya Bello, disclosed this.

Bello said the commission's transportation and logistics operations would be significantly affected during the 2023 polls due to cash scarcity.

2023 elections: INEC speaks on why MC Oluomo has to move electoral materials during polls

To distribute sensitive electoral materials in Lagos state, the Independent National Electoral Commission said it would work with the Lagos State Parks Management Committee (LSPMC).

As a result, there has been a barrage of calls against using LSPMC led by Musiliu Akinsanya, popularly known as MC Oluomo.

According to INEC, it would not deal with MC Oluomo, a known loyalist to Bola Tinubu, but the LSPMC as an entity.


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