The Postmortem Sub-Committee of the Federal Account Allocation Committee has reminded the federal government of the debt of N228bn loan, which needs to be refunded. The government collected this loan from a non-oil excess revenue account to fund the 2023 general election.
This was disclosed in an information signed by the sub-committee Chairman, Kabir Mashi, on December 14, 2023.
The reports break down the inflow into and payment from Non-oil Excess revenue accounts for the period between January 2020 to October 2023
The total amount that was distributed for the three arms of government during the general election was a total of N1tn
The report also shows that the total inflow from Non-oil Excess Account for the period was N2.6tn
In September 2023, during the FAAC Plenary meeting, some issues were raised about the huge deductions of funds from the Non-Oil Excess Revenue Account, which led to a thorough investigation.
The sub-committee said that the loan for the 2023 general elections was about 26% of the total deductions made between January 2020 and October 2023.
Read more: https://www.investingport.com/faac-...an-it-received-to-fund-2023-general-election/