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 NASD Over-the-Counter (OTC) Securities Exchange extended rallied by 1.18 per cent on Friday, May 8, its fifth in a row for this week.
During the session, the market capitalisation increased by N28.96 billion to N2.488 trillion from N2.459 trillion, and the NASD Unlisted Security Index (NSI) jumped by 48.39 points to 4,158.77 points from the 4,110.38 points recorded a day earlier.
The growth witnessed yesterday was spurred by the gains recorded by six securities, led by 11 Plc, which chalked up N11.00 to sell at 221.10 per unit versus Thursday’s closing price of N210.10 per unit. FrislandCampina Wamco Nigeria Plc added N10.26 to close at N132.98 per share compared with the previous day’s N127.06 per share, and Central Securities Clearing System (CSCS) Plc rose by N2.82 to N75.90 per unit from N73.08 per unit.
In addition, Lighthouse Financial Services Plc appreciated by 7 Kobo to 86 Kobo per share from 81 Kobo per share, UBN Property Plc climbed higher by 5 Kobo to N2.25 per unit from N2.20 per unit, and First Trust Mortgage Bank Plc gained 2 Kobo to close at N2.32 per share, in contrast to the previous session’s N2.30 per share.
Conversely, Geo-Fluids Plc went down by 20 Kobo to N2.90 per unit from N3.10 per unit, and Afriland Properties Plc lost 5 Kobo to end at N16.95 per share versus N17.00 per share.
The volume of transactions for the session surged by 41.8 per cent to 528,891 units from 372,916 units, and the value grew by 11.4 per cent to N34.0 million from N30.4 million, while the number of deals slid by 7.4 per cent to 25 deals from 27 deals.
The most traded stock by volume on a year-to-date basis was Great Nigeria Insurance (GNI) Plc, with 3.4 billion units worth N8.4 billion. Resourcery Plc occupied the second spot after trading 1.1 billion units valued at N415.7 million, and the third position was occupied by Infrastructure Guarantee Credit Plc with 400 million units sold for N1.2 billion.
The most traded stock by value on a year-to-date basis was GNI Plc with 3.4 billion units transacted for N8.4 billion, followed by CSCS Plc with 60.5 million units exchanged for N4.1 billion, and Okitipupa Plc with 27.8 million units traded for N1.9 billion.
By Dipo Olowookere
The local stock exchange reversed the previous day’s loss, with a 2.10 per cent surge on Friday as a result of demand for large-cap equities like Dangote Cement, First Holdco and others.
It was observed that apart from the insurance counter, which shed 0.37 per cent, every other sector closed higher yesterday.
The industrial goods index expanded by 7.26 per cent, the banking segment increased by 3.35 per cent, the consumer goods industry rose by 0.21 per cent, and the energy sector soared by 0.14 per cent.
Consequently, the All-Share Index (ASI) of the Nigerian Exchange (NGX) Limited improved by 5,041.22 points to 244,775.83 points from 239,734.61 points, and the market capitalisation added N3.235 trillion to settle at N157.094 trillion compared with the preceding session’s N153.859 trillion.
The quintet of Neimeth, Cadbury Nigeria, LivingTrust Mortgage Bank, Mecure, and Dangote Cement led the advancers’ table on Friday, with 10.00 per cent growth each to quote at N9.90, N72.60, N3.52, N72.60, and N1,088.00, respectively.
On the flip side, the duo of UAC Nigeria and Industrial and Medical Gases lost 10.00 per cent each to sell for N171.00 and N42.30, respectively, as Eterna declined by 9.93 per cent to N33.55, Learn Africa slipped by 9.89 per cent to N8.20, and Deap Capital tripped by 9.69 per cent to N5.50.
The most active stock for the day was VFD Group, with a turnover of 102.9 million units valued at N1.1 billion. FCMB transacted 99.4 million units worth N1.1 billion, UBA traded 94.5 million units for N3.8 billion, Access Holdings exchanged 85.4 million units worth N2.0 billion, and Zenith Bank sold 46.5 million units valued at N5.8 billion.
At the close of trades, market participants traded 1.1 billion units worth N55.0 billion in 69,996 deals, in contrast to the 1.8 billion units valued at N72.2 billion transacted in 81,131 deals a day earlier, showing a crash in the trading volume, value, and number of deals by 38.89 per cent, 23.82 per cent, and 13.73 per cent, respectively.
By Adedapo Adesanya
The Naira fell against the US Dollar by N5.54 or 0.41 per cent to N1,361.39/$1 from N1,355.85/$1 in the Nigerian Autonomous Foreign Exchange Market (NAFEX) on Friday, May 8.
The domestic currency also depreciated against the Pound Sterling in the official market during the session by N8.50 to trade at N1,853.68/£1 compared with the previous day’s N1,845.18/£1, and against the Euro, it lost N9.37 to sell for N1,602.63/€1 versus N1,593.26/€1.
However, at the GTBank FX desk, the Nigerian Naira appreciated against the US Dollar yesterday by N3 to quote at N1,372/$1 compared with Thursday’s closing value of N1,375/$1, and at the parallel market, it traded flat at N1,380/$1.
Despite the volatile outcome of the local currency, it remained within the expected trading range, reflecting sustained FX stabilisation efforts by the Central Bank of Nigeria (CBN), supported by improved liquidity, stronger autonomous inflows, and better price discovery.
Traders point to further gains for the Naira into the coming week, thanks to Dollar supply from foreign investors, exporters and oil companies, while demand is moderate. Nigerian yields are still attractive for foreign investors, serving as a basis for more (FX) flows coming to Nigeria.
Meanwhile, the country’s external reserves dropped by 3.4 per cent to $48.32 billion, from a 2009 high of $50.02 billion recorded on March 11.
In the cryptocurrency market, prices rallied after worries eased, following fresh US airstrikes in Iran that initially sparked a surge in oil prices and a broader risk-off move across crypto markets.
Bitcoin (BTC) added 0.8 per cent to sell at $80,212.54, Solana (SOL) gained 6.5 per cent to sell at $93.76, Cardano (ADA) appreciated by 5.1 per cent to $0.2749, Dogecoin (DOGE) grew by 3.7 per cent to $0.1102, and Ripple (XRP) rose by 3.1 per cent to $1.42.
Further, Binance Coin (BNB) jumped 2.3 per cent to $650.16, Ethereum (ETH) expanded by 1.6 per cent to $2,315.48, and TRON (TRX) increased by 0.1 per cent to $0.3515, while the US Dollar Tether (USDT) and the US Dollar Coin (USDC) remained unchanged at $1.00 apiece.
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