The Independent National Electoral Commission (INEC) has submitted its cash requirement for the upcoming elections to the Central Bank of Nigeria (CBN), as requested by the apex bank. INEC hopes its demand will receive a positive response. Chief Press Secretary to INEC Chairman Prof. Mahmood Yakubu, Mr. Rotimi Oyekanmi, told our correspondent on Friday that, although the commission normally makes most payments through online transfers, certain services still need to be paid in cash.
Prof. Yakubu recently met with CBN Governor Godwin Emefiele to seek the bank’s support for a smooth election, especially in light of the new naira policy that has caused a shortage of new notes and imposed cash‑withdrawal restrictions. Emefiele assured that the naira redesign would not affect the election and that the required cash and other support would be provided. Nevertheless, Resident Electoral Commissioner for the Federal Capital Territory, Yahaya Bello, warned on Tuesday that the naira crisis could impact the conduct of the polls.
Oyekanmi explained that the need for these special cash arrangements prompted the February 7, 2023 meeting between Prof. Yakubu and Governor Emefiele. “We have submitted a detailed, state‑by‑state cash requirement as the CBN requested. Our submission is under consideration, and we have been assured of a positive response soon. Therefore, there is no cause for alarm; we believe the CBN will meet us at our point of need,” he said.
He noted that while the bulk of INEC’s payments to vendors and service providers are made via electronic transfers—thanks to the commission’s accounts being held with the CBN—some specific services, representing a small percentage of total expenditures, must be paid in cash. These include providers in remote, rural areas where banking services are unavailable, such as motorcycle, boat, or canoe operators, and those supplying water to Registration Area Centres where personnel and materials are deployed on election day. “If we do not pay these providers in cash, they may be unable to deliver the critical services we need,” Oyekanmi said. The commission also pays presiding officers’ training allowances and makes partial cash payments to vehicle owners for transporting staff and materials, but these cash outlays remain a minor portion of overall payments.
When asked about the exact amount of cash the commission requires from the CBN, Oyekanmi replied, “I do not have that information.”
In related commentary, some political analysts doubt that the introduction of new naira notes will curb vote‑buying in the forthcoming election. Analyst Busari Dauda warned that scarcity of cash could actually increase vote‑buying, making it cheaper for candidates. Haruna Abdullahi added that regardless of cash availability, elections will proceed and voters will be influenced by ethnicity, religion, or self‑interest. He noted that money released by the CBN ends up in the hands of a few Nigerians, many of whom are linked to politicians, limiting the government’s ability to control vote‑buying. Abdullahi cautioned that politicians might deploy party agents to polling units to distribute money to voters.
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