Businesses Suffer N2.737tn Loss on Election Postponement Airlines lament losses over cancellation of election
Obinna Chima, Goddy Egene, Chinedu Eze and Chris Uba
The decision of the Independent National Electoral Commission (INEC) to postpone the presidential and National
Assembly elections earlier scheduled for yesterday will cost businesses in the country about $7.605 billion (N2.737 trillion). The amount is about two per cent of the country’s Gross Domestic Product (GDP),
which is approximately $427 billion. Some states had declared Friday a work-free day, which has clear economic implications. In addition, many businesses and financial
institutions also operated half-day last Friday because of the elections, just as the three tiers of government deployed their personnel to special assignments in relation to the elections.
More so, university lecturers as well as international observers had been deployed to states, lodged in hotels, ready for deployment to the polling centres. All these have dire cost implications for the
economy. Speaking in a telephone chat with THISDAY yesterday, Chief Executive of the Financial Derivatives Company Limited, Continued on page 16
FIRS Enforcement Move Threatens Investors Confidence … Page 85 Sunday 17 February, 2019 Vol 24. No 8715
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INEC: Polls’ Postponement not Politically Influenced Outrage, shock, disbelief trail shift Buhari: I’m deeply disappointed Atiku: they can’t postpone destiny Moghalu: it’s a manifestation of recycled failure Donald Duke: it's a national disgrace Saraki tells Nigerians not to be deterred You’ve disgraced us, Oshiomhole tells INEC Buhari shedding crocodile tears – Secondus Tinubu: it's painful, but Nigerians must remain committed We’re confounded, says NBA ACF condemns shift ECOWAS, AU, EU, UK others call for calm Our Correspondents As indignation, surprise, and disbelief continue to dominate reactions to the postponement of yesterday’s presidential and National Assembly elections by the Independent National Electoral Commission (INEC), the commission has said there is no political motive behind its action. INEC Chairman, Professor Mahmood Yakubu, stated this at a press conference yesterday in Abuja. Yakubu cited logistic problems as reason for the deferment of the general election to February 23. The electoral body had in the early hours of Saturday announced its decision to reschedule the general election by one week, with Presidential
and National Assembly elections earlier scheduled for February 16 shifted to Saturday, February 23, while Governorship, State Assembly and FCT Area Council elections earlier scheduled for March 2 would now hold on Saturday, March 9. But many Nigerians were not persuaded of the cogency of the commission’s basis for the election postponement. However, in a further explanation at a press conference yesterday, INEC insisted the postponement of the election was not politically motivated and had nothing to do with security concerns. It said the shift was unfortunate, yet necessary in the overall interest Continued on page 8
Odinkalu, CAN Challenge El-Rufai over Claims on Kaduna Killings … 10
INEC Chairman Prof Mamood Yakubu, addressing stakeholders in Abuja yesterday on why the elections slated for 16th February had to be postponed Julius Atoi