BREAKING: FG Sets N100bn Aside For 2023 Elections

SD News Blog, breaking news Nigeria, Breaking: FG earmarks N100bn for 2023 elections, Nigerian bloggers in UK,

The Nigerian government has earmarked the sum of N100billion for the conduct of general elections in 2023.

It has also increased the national budget for the fiscal year from N13.98 trillion to N16.45, indicating a raise of N2.47 trillion.

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.

It also contains outcome criteria for the purpose of performance monitoring.

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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.