Funding Flashcards
Why is political party funding regulated in Nigeria?
transparency
prevent corruption
safeguard national sovereignty
What section of the Constitution governs political party funding?
Section 225
225(1)
submit REPORTS to INEC on its ASSETS,DEBTS, and SOURCES of income.
Public financial
225(3)
The reports must be DETAILED, ANNUAL, and follow INEC’s format.
Can political parties keep money or assets outside Nigeria?
No. Section 225(3)(a) prohibits parties from holding funds or assets outside Nigeria.
Can political parties receive or spend foreign donations?
Section 225(3)(b) bans parties from accepting or spending foreign funds.
What happens if a party receives foreign donations?
It must hand over the funds to INEC within 21 days (S.225(4)).
INEC’s Oversight Powers (Section 225(5) & (6))
INEC can tell you how to keep financial records
They can audit and inspect at any time
They can appoint independent auditors to verify FR
Additional Funding Rules
No corporate donations -CAMA
No foreign contributions—any received must be reported to INEC.
Individual donations are capped at ₦1,000,000 per candidate (Electoral Act, 2022).
Section 226(1)
Submit financial record of all political parties to NA
S.226(3)
INEC and its agents have unrestricted access to political party books, accounts, and vouchers. If any of them fail.. INEC must include it in the financial record.
Electoral Act, 2022
Provides for spending limit for different elections
5 billion- presidential
1 billion- governorship
70 million- senatorial
Inter Alia
Purpose of Limit for expenses?
To prevent excessive / undue spending and undue influence
What are the key reasons for regulating election financing?
Prevents excessive spending
Tracks money sources
Bans foreign & corporate donations
