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.
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