FG To Spend N100bn For 2023 Elections (Full Details)

FG has earmarked a whopping N100bn for the 2023 elections.

Truetells Nigeria reports that President Muhammadu Buhari led Federal government has earmarked the sum of N100billion for the conduct of general elections in 2023.

This online news platform understands that the Federal Government also increased the national budget for the fiscal year from N13.98 trillion to N16.45, indicating a rise of N2.47 trillion.

Truetells Nigeria reports that this was contained in the revised 2022-2024 Medium Term Expenditure Framework (MTEF) submitted to the House of Representatives by President Muhammadu Buhari for approval.

MTEF is annual, rolling three year-expenditure planning that sets out the medium-term expenditure priorities and hard budget constraints against which sector plans can be developed and refined.

Recall that the House had recently passed the first one containing N13.98 trillion for the 2022 national budget.

But in a letter dated October 2, 2021 addressed to the Speaker of the House, Femi Gbajabiamila, President Buhari said that the need to reflect the new fiscal terms in the Petroleum Industry Act (PIA) 2021, as well as other critical expenditures in the 2022 Budget necessitated the revision of MTEF.

This came as Gbajabiamila rebuffed every attempt by some lawmakers at Tuesday plenary to get the bill debated before the presentation of the 2022 budget by the President on Thursday, barring any unforeseen circumstances that may stall it.

The President’s letter saw some government agencies getting more monetary allocations.

The letter read thus: “It is with pleasure that: forward the Revised 2022-2024 Medium Term Fiscal ‘Framework (MTEF) for the kind consideration and approval of the House of Representatives.

“The revision was necessitated by the need to reflect the new fiscal terms in the Petroleum Industry Act (PIA) 2021, as well as other critical expenditures in the 2022 Budget.