The Independent National Electoral Commission says it has presented its cash requirement for prosecuting the forthcoming elections to the Central Bank of Nigeria, as requested by the apex bank.
The Chief Press secretary to the INEC Chairman, Mr. Rotimi Oyekanmi, confirmed in an interview on Friday that even though the commission does most of its payments through online transfers, some specific services had to be paid for in cash.
The INEC Chairman, Prof Mahmood Yakubu, had recently visited the CBN governor, Godwin Emefiele, to seek the apex bank’s support toward a hitch-free election, especially with the new naira policy that had led to the scarcity of the new notes and placed restrictions on cash withdrawal.
Emefiele had promised that the naira redesign would not affect the election, as it would provide the required cash and other support needed for the smooth conduct of the poll. However, the Resident Electoral Commissioner for the Federal Capital Territory, Yahaya Bello, on Tuesday raised the alarm that the naira crisis might affect the conduct of the elections.
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“The need to make these special arrangements informed the meeting between the INEC Chairman, Prof Mahmood Yakubu, and the governor of the central bank on February 7, 2023.
“We have made a detailed submission on our entire cash requirement on a state-by-state basis as the CBN requested. Our submission is under consideration and we have the assurance of a positive response soon. Therefore, there is no cause for alarm. We believe that the CBN will meet us at our point of need.
“Normally, the Independent National Electoral Commission makes payments for various services through electronic transfers. The bulk of the payments the commission makes for services rendered by vendors or service providers is carried out through transfers. Luckily, all the commission’s accounts are with the Central Bank of Nigeria.
