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 Aduragbemi Omiyale
The Global Banking and Finance Review has named Stanbic IBTC Capital, a subsidiary of Stanbic IBTC Holdings, as the Best Investment Bank in Nigeria for 2026.
The leading financial publication picked Stanbic IBTC Capital for the honour in recognition of its commitment to leadership and excellence in Nigeria’s investment banking sector.
The selection process involves an extensive evaluation of performance across critical metrics, including innovation, client service, financial health, and industry advancement.
Stanbic IBTC Capital’s accolade reflects its strong dedication to delivering capital markets and financial advisory solutions for clients in both the public and private sectors.
The firm has made significant strides in facilitating groundbreaking transactions, offering market-leading expertise in equity, debt, and structured finance, while nurturing the growth ambitions of businesses and institutions across Nigeria.
“We are truly pleased to be acknowledged for our relentless pursuit of excellence in the investment banking arena.
“This honour reflects our commitment to hard work and further establishes the deep trust our clients have in our expertise and service.
“It further motivates us to maintain our dedication to exceptional service, cultivate impactful partnerships, and continue delivering innovative financial solutions that meet our clients’ aspirations,” the chief executive of Stanbic IBTC Capital, Mr Oladele Sotubo, stated.
The Executive Director of Corporate and Transaction Banking at Stanbic IBTC Bank, Mr Eric Fajemisin, on his part, said, “Receiving this esteemed acknowledgement from the Global Banking and Finance Review Awards underscores our commitment to driving innovation and excellence within Nigeria’s investment banking landscape.
“This accolade highlights the significant role our skilled team plays in fostering economic growth and stability.
“We are dedicated to delivering exceptional value to our clients, which not only supports their financial success but also contributes to the broader development of the nation’s financial ecosystem.”
The Global Banking and Finance Review annually celebrates institutions that demonstrate quality, innovation, and contributions to the advancement of banking and financial services worldwide.
Now in its 16th edition, the awards honour organisations that uphold outstanding service standards, strategic execution, and industry leadership.
By Aduragbemi Omiyale
The Governor of Rivers State, Mr Siminalayi Fubara, has presented the 2026 Appropriation Bill to the Rivers State House of Assembly.
The 2026 budget estimate of N1.85 trillion, christened Budget of Resilience for Growth and Development, was presented to the state parliament on Friday.
Mr Fubara stated that the proposed spending for the 2026 fiscal year represents a 24.49 per cent increase over the adjusted 2025 budget, driven by anticipated growth in Federation Account Allocation Committee (FAAC) allocations, derivation revenue and internally generated revenue.
He informed the lawmakers that the state hopes to earn N487.61 billion from internally generated revenue, N936.05 billion from FAAC allocations, derivation funds, Value Added Tax (VAT) and exchange gains, and N382.48 billion from capital receipts, including loans, grants and asset sales.
According to him, N413.11 billion is for recurrent expenditure and N1.405 trillion for capital projects, underscoring his administration’s commitment to accelerating development across the state.
He added that personnel costs would gulp N154.77 billion, while N15.22 billion would fund new recruitments, stating that the budget also provides for pensions, gratuities, death benefits and debt servicing.
Governor Fubara further proposed a 50 per cent increase in overhead expenditure for Ministries, Departments and Agencies (MDAs) to strengthen their operational capacity immediately after the budget is signed into law.
He also stated that the largest allocation under the capital budget is the Works and Infrastructure sector with N533.32 billion, followed by Education with N315 billion and Healthcare with N105.43 billion.
In addition, N41.44 billion is for the Rivers State House of Assembly, N30 billion for the Judiciary, N19.26 billion for Agriculture, N15 billion for Power, N8.5 billion for Chieftaincy and Community Development, N7.98 billion for Sports, N7 billion for Youth Development, N6.5 billion for Women Affairs, and N6.61 billion for Environment and Sustainable Development.
The Governor noted that the budget was designed to sustain economic growth, expand critical infrastructure and improve the welfare of residents, pointing out that it builds on the achievements of his administration despite the challenges experienced by the state.
According to him, the budget prioritises the completion of ongoing road projects, new infrastructure investments, improved education and healthcare services, job creation and expanded economic opportunities for residents.
Describing the proposal as a people-centred budget, he assured Rivers people that every public fund would be judiciously utilised to deliver quality services, attract investment and stimulate inclusive development.
Mr Fubara acknowledged the delayed presentation of the budget and appealed to members of the House of Assembly to give the appropriation bill speedy consideration and passage to facilitate timely implementation.
In his remarks, the Speaker of the Rivers State House of Assembly, Mr Martin Amaewhule, acknowledged that the 2026 Appropriation Bill was presented later than expected but assured the Governor that the legislature would expedite its consideration in the interest of the people of Rivers State.
By Adedapo Adesanya
The Securities and Exchange Commission (SEC) has unveiled plans to make sustainability reporting mandatory for large public interest entities from 2027.
This comes as Nigeria moves to align its corporate disclosure framework with global environmental, social and governance (ESG) reporting standards.
The phased implementation will begin with voluntary adoption by early adopters and large public interest entities before becoming mandatory in 2027. The requirement will extend to other public interest entities in 2028 and small and medium-scale enterprises (SMEs) by 2030.
The Director-General of the SEC, Mr Emomotimi Agama, disclosed this at the 2026 Financial Institutions Training Centre (FITC) Sustainability and ESG Conference 3.0, themed ‘Building a Sustainable Africa: Integrating Environmental Stewardship, Social Investment, and Strong Governance for a Prosperous Future’ in Lagos.
Mr Agama said Nigeria’s sustainability disclosure regime is being aligned with the International Sustainability Standards Board (ISSB) framework, including IFRS S1 and IFRS S2, which have emerged as the global benchmark for sustainability reporting.
He said that institutional investors increasingly consider ESG performance a key determinant of capital allocation rather than a peripheral corporate responsibility issue, noting that the price of entry is disclosure.
He said the reforms would strengthen investor confidence and position Nigerian businesses to access global capital markets, where sustainability disclosures are becoming an essential investment requirement.
According to him, Nigeria’s capital market has recorded significant expansion, with market capitalisation growing from about N130 trillion to nearly N160 trillion following recent market reforms, while assets under management have surpassed N9 trillion.
To deepen sustainable finance, Agama said the commission was promoting infrastructure, green and municipal bonds, alongside infrastructure-focused investment funds, to mobilise long-term capital for critical national projects.
He added that the commission would also encourage investments in the blue economy and support financing for the power sector through green energy bonds, project bonds and public-private investment structures.
The SEC chief cited the recent launch of the Nigerian Exchange (NGX) Impact Board as another milestone in advancing sustainable finance and urged companies, regulators and investors to move beyond commitments by embedding sustainability into governance, operations and investment decisions.
