Even though it was predicted on Sunday that socialist leader Luiz Inácio Lula da Silva would win the election

incumbent President Jair Bolsonaro has yet to accept defeat.

The Superior Electoral Court of the nation declared Lula the winner after a heated and close contest between the two contenders.

Bolsonaro, a populist idol of the Brazilian far-right, barely lost the election to Lula,

who will now be inaugurated for a third term as president after previously holding the office from 2003 to 2010.

According to the country's electoral body,

Lula won by one of the narrowest margins in Brazilian history

receiving 50.90% of the vote to Bolsonaro's 49.10%.

As of Monday afternoon, Bolsonaro has not yet declared the victory over Lula

The New York Times observed that since Lula's victory