In a revelation, the Postmortem Sub-Committee of the Federal Account Allocation Committee has recommended the refund of the N228bn loan secured for the 2023 general elections, citing concerns over deductions from the Non-Oil Excess Revenue Account.
Sub-committee Chairman Kabir Mashi stated in a report, “This loan constitutes about 26% of total deductions made from January 2020 to October 2023, warranting a careful reconsideration.”
During a FAAC Plenary meeting, discussions unfolded regarding the deductions, leading to a detailed investigation.
The report reveals that the Independent National Electoral Commission’s proposed budget of N305bn for the 2023 general election played a pivotal role in the deductions. The committee further recommended a total refund of N864.16bn for various purposes back to the account.
Against the backdrop of Nigeria’s escalating debt profile, with the Federal Government borrowing N7.04tn locally in 2023, concerns linger over the nation’s financial stability.
Despite the debt-GDP ratio standing at 23.27%, below the 77% threshold that could hamper economic growth, experts emphasize the need for prudent fiscal management in the face of evolving challenges.
Nigerian Govt Urged To Refund N228bn Election Loan By FAAC
Latest from Latest News
Any Lecturer Found Guilty Of S3xual Harassment Should Be Sacked, Prosecuted – FOSAD
Forum of Southeast Academic Doctors (FOSAD), says management of tertiary institutions across the country should take issues affecting the rights and well-being of students seriously, especially sexual harassment and sack and prosecute
Yahaya Bello: EFCC Confirms Receipt Of $760,000 Refund For Ex-Governor’s Children’s School Fees
The return of $760,000 that former Kogi State Governor Yahaya Bello paid as advanced school fees for his children at the American International School, Abuja, has been validated by the Economic and
FX Market: BDC Operators Unveils Plan For Unified Retail Market To Tackle Volatility
In an effort to lower volatility and improve regulatory compliance, the Association of Bureaux De Change Operators of Nigeria (ABCON) has revealed plans to establish a single retail end of the foreign
More Than 20% Of Nigerians Uses Bitcoin For Transaction Daily- Report
20% of Nigerians, or one in five, use Bitcoin regularly, according to recent research by the open-source blockchain website Elastos. 1,407 self-described “tech-savvy” respondents from seven countries—Nigeria, Brazil, Germany, South Korea, UAE,
Liverpool Agree £9.4m Compensation For Slot
Liverpool on Friday night moved closer to appointing Dutch coach Arne Slot as their new manager after reportedly agreeing a compensation package with Eredevisie side, Feyenoord
Follow Us