CBN Releases Funds To INEC For Elections

The Central Bank of Nigeria (CBN) says it has set plans to send funds to the Independent National Electoral Commission (INEC) for election logistics.

This was confirmed by an INEC national commissioner on Tuesday night, February 21.

According to INEC’s national commissioner, branch controllers of the CBN have been instructed to disburse the funds to INEC offices in the states.

He said;

“The issue of the cash crunch has been resolved and our resident electoral commissioners have started collecting the money.

“Before they got the clearance to have access to the money, we earlier sent the requests to CBN based on the demands of each state.

“What the REC in each state requires is different depending on the topography of their states and it is based on this that the funds were approved.”

Dr Adeniran Rahmon Tella, the Oyo State REC told reporters at a news conference that the commission had reached an agreement with CBN.

Also, the commission revealed it had asked security operatives to work closely with INEC to ensure a hitch-free disbursement from the commission’s state headquarters to the LGAs.