Economy
INEC Seeks N1.04trn for Off-Cycle, 2027 General Elections
By Adedapo Adesanya
With the date for the 2027 elections announced, the Independent National Electoral Commission (INEC) is seeking around N1.04 trillion to cover off-cycle polls, preparations for the general elections, and its operational expenses.
The funding request was presented by INEC Chairman, Mr Joash Amupitan, during his appearance before the Joint Committee of the National Assembly on Electoral Matters last week, where he defended the commission’s proposed budget.
Mr Amupitan appealed to lawmakers to approve the estimates and ensure that funds are released promptly and in full, cautioning that any delay could disrupt preparations for forthcoming elections.
A breakdown of the proposal shows that N873.778 billion is earmarked for the 2027 general election, while N171 billion is projected for the commission’s 2026 activities, including several off-cycle elections scheduled for this year.
He explained that the 2026 operational allocation would fund the Federal Capital Territory (FCT) area council polls, by-elections set for this week, and the Ekiti and Osun governorship elections scheduled for June and September, respectively.
The INEC chairman said the N873.778 billion proposed for the 2027 polls would be distributed as follows: N379.748 billion for operational expenses, N92.317 billion for administrative costs, N209.206 billion for technology, N154.905 billion for capital expenditure related to elections, and N42.608 billion for miscellaneous items.
For 2026, he said N109 billion is projected for personnel costs, N18.7 billion for overheads, N42.63 billion for election-related activities and N1.4 billion for capital projects.
Mr Amupitan noted that the election budget was prepared in accordance with Section 3(3) of the Electoral Act 2022, which mandates that funding proposals for general elections be submitted at least one year in advance.
He criticised the envelope budgeting system, describing it as incompatible with INEC’s responsibilities, which often require swift financial intervention. Under the envelope budgeting model, once funds assigned to a particular category are exhausted, spending in that category stops, even if resources remain available elsewhere.
“The nature of our work demands prompt access to funds,” he said, urging the immediate disbursement of approved allocations.
The chairman also pointed to the absence of a dedicated communication network as a major operational gap, arguing that establishing an independent system would strengthen transparency and accountability.
“If we have our own network, Nigerians can hold us responsible for any hitch,” he said.
In response, Mr Adams Oshiomhole, the Senator representing Edo North, maintained that no government agency should impose restrictive budgeting methods on INEC, given the sensitive and strategic nature of its mandate.
He advocated setting aside the envelope system for the commission to prevent operational setbacks.
Mr Billy Osawaru, a member of the House of Representatives from Edo State, argued that INEC’s budget should be placed on first-line charge, as stipulated by the Constitution, to enable the commission to access its full allocation at once for effective planning and execution.
The joint committee adopted a motion recommending a one-time release of INEC’s yearly budget and also agreed to review the commission’s request for increased allowances for National Youth Service Corps (NYSC) members deployed for election duties. The proposal, estimated at N32 billion, would provide N125,000 per corps member.
The Chairman of the Senate Committee on Electoral Matters, Mr Simon Lalong, assured INEC of legislative backing, pledging collaboration to ensure that all prerequisites for the 2027 general election are fulfilled.
Similarly, Chairman of the House Committee on Electoral Matters, Mr Bayo Balogun, promised the commission the support of lawmakers but warned against overpromising.
He referenced assurances made by a previous INEC leadership regarding real-time uploads to the INEC Result Viewing Portal (IREV).
“The last INEC made it look as if Nigerians would be watching election results on IREV like television, meanwhile, IREV was not even provided for in the Electoral Act, but only in INEC regulations. So, be careful how you make promises,” he warned.
Business Post reports that INEC officially fixed February 20, 2027, for Presidential and National Assembly elections, while the governorship and state assembly elections will hold two weeks after the presidential election, on March 6, 2027.
By Adedapo Adesanya
The Naira sold at N1,343.64/$1 Nigerian Autonomous Foreign Exchange Market (NAFEX) on Friday, April 17, after shedding N1.34 or 0.10 per cent against the greenback from the previous day’s rate of N1,342.30/$1.
In the same vein, the Nigerian currency depreciated against the Pound Sterling in the same market window during the session by N5.03 to quote at N1,824.39/£1 versus the previous rate of N1,819.36/£1, and lost N10.05 against the Euro to sell at N1,591.14/€1 versus N1,581.09/€1.
At the GTBank FX desk, the exchange rate of the Naira to the Dollar remained unchanged at N1,355/$1, and it also maintained stability in the parallel market at N1,375/$1.
Interbank liquidity increased to N124.34 million from N74.255 million the previous day, data from the Central Bank of Nigeria (CBN) showed.
Meanwhile, external reserves remain at $48.70 billion, down from the 2009 peak of $50 billion amidst uncertainties in the global commodities market.
Global oil prices dropped sharply on Friday after Iran signalled that the Strait of Hormuz would remain open to commercial shipping during a temporary ceasefire in the Middle East.
Crypt assets also gained on the news from Iran’s foreign minister, who declared the Strait of Hormuz open, drawing a positive response from President Donald Trump. The development helped ease worry around risky assets like crypto.
Meanwhile, the cryptocurrency market was bullish, as traders weighed possible scenarios ahead of next week’s US-Iran cease-fire deadline.
Ethereum (ETH) appreciated by 3.2 per cent to $2,410.53, Bitcoin (BTC) jumped by 2.8 per cent to $77,124.22, Ripple (XRP) rose by 2.7 per cent to $1.47, Binance Coin (BNB) expanded by 2.5 per cent to $643.97, Dogecoin (DOGE) added 1.0 per cent to close at $0.0988, Cardano (ADA) improved by 0.9 per cent to $0.2578, Solana (SOL) soared by 0.4 per cent to $88.53, and TRON (TRX) gained 0.4 per cent to sell at $0.3275, while the US Dollar Tether (USDT) and the US Dollar Coin (USDC) traded flat at $1.00 apiece.
By Adedapo Adesanya
Oil prices plunged by 9 per cent on Friday after Iran said passage for all commercial vessels through the Strait of Hormuz was open for the remaining ceasefire period.
Brent crude futures lost $9.01 or 9.07 per cent to trade at $90.38 a barrel, while the US West Texas Intermediate (WTI) crude futures depreciated by $10.48 or 11.45 per cent to finish at $83.85 a barrel.
Iran said Friday that the Strait of Hormuz is “completely open” for the remainder of the Israel-Lebanon ceasefire, bolstering hopes of a breakthrough in the weeks-long crisis over the crucial oil route.
Iran had maintained its blockade of the strait despite a two-week ceasefire with the US, which expires on Tuesday, and previously said it would not open the key waterway while Israel continued to strike Lebanon.
Business Post had reported that oil prices weakened to around $88 per barrel after Iranian Foreign Minister Seyed Abbas Araghchi posted on X that “all commercial vessels” would be allowed to pass through the strait throughout the remainder of the ten-day ceasefire in Lebanon.
US President Donald Trump thanked Iran on Truth Social, but stressed that the US naval blockade of the regime’s ports would remain “in full force and effect” until a peace deal was completed. “This process should go very quickly in that most of the points are already negotiated,” he added.
A second round of truce talks between the US and Iran is expected to take place as oil tankers are beginning to test the waters at the Strait of Hormuz.
Despite the fact that all ships can sail through the Strait of Hormuz, this passage needs to be coordinated with Iran’s Islamic Revolutionary Guard Corps (IRGC).
Market analysts noted that if these initial tankers make it through, flows will begin to partially normalise. However, a handful of vessels does not equal restored capacity. The backlog alone will take significant time to clear, and producers across the region are still dealing with disrupted output and logistics.
Prices had already fallen earlier in the Friday session as possible further talks between the US and Iran over the weekend and a 10-day ceasefire between Lebanon and Israel raised investors’ hopes that the war in the Middle East could be nearing an end.
The American President also said on Friday that the US has banned Israel from further bombing in Lebanon, using a harsher tone than usual with the longtime US ally.
By Dipo Olowookere
The daily stock trading hours on the floor of the Nigerian Exchange (NGX) have been expanded by an hour to 4.00 pm after extensive stakeholder engagement, ensuring alignment and operational readiness ahead of the go-live date.
A statement from the bourse on Friday said the extension was approved by the Securities and Exchange Commission (SEC).
Before now, trading activity on Customs Street resumed from 9.30 am to 2:30 pm, but from Monday, April 27, 2026, the resumption time would be 9.00 am, and the closing gong would be struck by 4.00 pm from Monday to Friday.
It was explained that this action was taken “to deepen market liquidity, enhance price discovery, and broaden investor access.”
The NGX has witnessed renewed investor interest due to increased awareness of equities lately, especially as the nation and the global community await the much-anticipated listing of Dangote Refinery shares later in the year, all things being equal.
The statement also noted that this extended trading window would provide greater flexibility for investors, improve responsiveness to market-moving information, and support broader participation across the market.
The development builds on the momentum of Nigeria’s recent reclassification to Frontier Market status by FTSE Russell, reinforcing NGX’s global positioning and enhancing its attractiveness to a broader pool of domestic and international investors.
It further stated that this reform reflects strong regulatory collaboration and underscores the SEC’s continued commitment to advancing market development initiatives. Alongside Nigeria’s Frontier Market reclassification, it signals a deliberate shift towards a more accessible, liquid, and globally competitive market.
With this development, NGX reinforces its position as a leading multi-asset exchange, deepening liquidity, improving market access, and supporting efficient capital formation within Nigeria’s financial markets.
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