FAAC Reminds FG to Pay the Loan It Received to Fund 2023 General Election

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.

It also said that extra deductions were seen, which included a refund of the gas flare penalty to the Nigerian Midstream and Downstream Petroleum Regulatory Authority.

The subcommittee thereby recommended refunding the total deductions of N864.16bn for other purposes back to the account.