According to Reuters, foreign powers are closely observing how elections will be held in Africa's biggest economy and have voiced concerns over violence in the aftermath, as was the case after the 2011 election, when 800 people died.
The postponement could stoke unrest in opposition strongholds such as the commercial capital, Lagos, and Nigeria's second city, Kano, because the opposition has been staunchly against a delay.
The poll will pit incumbent Goodluck Jonathan of the PDP against former military ruler Muhammadu Buhari of the All Progressives Congress (APC) in what is likely to be the most hotly contested election since the end of military rule in 1999.
"The commission cannot lightly wave off the advice of the nation's security chiefs ... The risk of deploying young men and women and calling people to exercise their democratic rights in a situation where their security cannot be guaranteed is a most onerous responsibility," Independent National Electoral Commission (INEC) chairman Attahiru Jega told reporters.
"Consequently the commission has decided to reschedule the elections thus. The national elections, i.e. presidential and national assembly, are to hold on March 28, 2015; governorship and state assembly elections are to hold on April 11, 2015."
Jega said National Security Adviser Sambo Dasuki had written to INEC last week stating that it could not guarantee security during the original proposed election timetable because of on-going military operations to fight Boko Haram insurgents, a position the NSA reinforced during Thursday's meeting with the Council of State.
"Nobody has coerced us ... to take this decision," Jega said.
U.S. Secretary of State John Kerry said in a statement Washington was "deeply disappointed" by Nigeria's decision to delay the election.
"Political interference with the Independent National Electoral Commission is unacceptable, and it is critical that the government not use security concerns as a pretext for impeding the democratic process," Kerry said.
He visited Nigeria on Jan. 25, urging both candidates to prevent potential post-election violence by their supporters.
Meanwhile, Nobel Prize winner Malala Yousafzai has said world leaders must do more to free hundreds of Nigerian schoolgirls kidnapped 300 days ago.
The education activist has criticised the "weak" response since they were taken by the terror group Boko Haram in April last year.
Writing on her website, the 17-year-old says, had the girls come from more influential backgrounds, efforts would've been different.