Abuja- The Independent National Electoral Commission (INEC) on Wednesday said it spent N122.9 billion to conduct the 2011 general elections.
A statement by the Chief Press Secretary to the Chairman of the commission, Kayode Idowu, in Abuja, said the amount was far less than the N566.2 billion being speculated to have been spent on the exercise.
Idowu said N66.3 billion of the amount was spent on recurrent expenditure, while N56.6 billion was for capital expenses.
He said the commission saved N9 billion from the N131.4 billion appropriated for the exercise.
Idowu, however, said that the cost of conducting the exercise was ``relatively huge", adding that INEC had explained the logic behind the spending of such amount on the exercise.