Political parties in Nigeria are expected to spend billions of naira in the next year’s elections as INEC officially lifts the ban on political activities.
It is about five months to the next general election in Nigeria where citizens will go to the polls to cast their vote for the candidate of their choice. Political parties are expected to spend billions of naira during this electioneering process as it was in previous elections.
It will be recalled that the Independent Electoral Commission (INEC) has fixed February 25th for the Presidential and National Assembly elections while Governorship and State Assembly elections will be held on March 11th, 2023.
Investors King understands that Nigerian previous elections were hugely monetised and next year’s election would not be an exception.
A closer analysis of the presidential election shows that there are 18 Presidential candidates which will compete in 176,846 polling units.
Going by the electoral laws and the previous election, all candidates are expected to appoint polling unit agents who are offered some token for their service.
Investors King gathered that in the last elections, polling units agents were offered between N10,000 to N20,000. Using N10,000 as a variable, this means each of the leading political parties will expend at least N1.7 billion on polling unit agents.
Other areas where political parties are expected to spend money include logistics, public campaigns, posters and banners, courtesy call gratification and security among others.
Besides, it is also expected that the leading political parties will engage in vote buying which could run into hundreds of billions of naira. Many Election Monitoring Groups (EMGs) such as Yiaga Africa have alleged voter inducement in previous elections.
Political parties spend between N5000 to N10,000 to induce voters. It can be assumed that parties will spend more in the next general election since Nigeria’s voter population has increased to 95 million, adding more than 12 million new registered voters in the just concluded voter registration.
Meanwhile, the Independent Electoral Commission (INEC) has disclosed that the commission will spend N305 billion to conduct the 2023 election. This is different from the commission’s yearly budget which currently stands at N40 billion.
