He disclosed this during a meeting with the Senate Committee on Appropriation at the National Assembly on Monday.
The INEC boss also noted that the amount will enable the commission to prepare for the election and purchase all the election materials needed and also cover several bye-elections across the country.
He, however, stated that the commission has already received N100 billion out of the required amount for the elections.
Meanwhile, the Chairman of the Senate Committee on Appropriation Senator Jibrin Barau, has disclosed that the 2022 budget will be laid, debated, and passed on Tuesday, December 21.
There is also no word on whether President Buhari has written and forwarded a letter to the National Assembly on his decision to give or withdraw his assent to the Electoral Act Amendment Bill.
The 30-day deadline stipulated by the constitution for the President to respond to the bill expired on Sunday, December 19.
Meanwhile, the National Assembly is scheduled to commence its Christmas and New Year holidays from Tuesday, December 21.