Political parties that participated in the 2024 Edo and Ondo governorship elections collectively spent over N13.4 billion, with the All Progressives Congress (APC), the People’s Democratic Party (PDP), and the Labour Party (LP) accounting for nearly all expenditures.
This was revealed in a new report released on Tuesday by Kimpact Development Initiative (KDI), a non-governmental organisation advancing good governance and democratic rights in Nigeria.
Presenting the report to stakeholders in Abuja, KDI Head of Research and Strategy, Oluwafemi Adebayo, disclosed that these amounts far exceeded the one billion naira legal cap per candidate set by the Electoral Act 2022.
According to the report, in Edo State, APC’s candidate, Monday Okpebholo, spent N3.8 billion, PDP’s Ighodalo Asueirhinme expended N3.55 billion, and LP’s Akpata Olumide Anthony spent N2.32 billion.
This brought the total spending in Edo to an estimated N9.7 billion.
In Ondo State, APC’s governorship candidate, Lucky Aiyedatiwa, spent N2.65 billion, PDP’s Ajayi Alfred Agboola used N1.02 billion, while LP spent a relatively meager N7.6 million, bringing total spending in the state to N3.7 billion.
Aiyedatiwa won the Ondo poll with 366,781 votes to defeat the candidate of the PDP, Agboola Ajayi, Democratic Party (PDP) who polled 117,845. For Edo, Okpebholo polled 291,667 votes to defeat his closest challenger and candidate of the PDP, Asue Ighodalo, who scored 247,274 votes.
According to the report, despite these figures, party financial disclosures revealed much lower declared income.
The report revealed that APC reported N800 million in funds, PDP disclosed N650 million, while LP stated N1.03 billion.
Another revelation in the report was the sharp rise in election-day spending, which it revealed exceeded pre-election campaign costs.
“In Edo, APC’s candidate spent N2.7 billion on election-day mobilization, while in Ondo, the APC allocated N2.05 billion for last-minute voter inducements,” the report stated.
Vote buying was a major concern according to the document with estimates showing that the parties spent over N1.1 billion on direct voter inducements in Edo, while APC alone spent nearly N800 million in Ondo.
Adebayo observed that the expenditures clearly violated Section 88(3) of the Electoral Act 2022, adding that weak enforcement allowed parties to bypass regulations through third-party spending and untraceable transactions.
Speaking at the event, Executive Chairman of the Economic and Financial Crimes Commission (EFCC), Ola Olukoyede, warned that the undue influence of money in elections undermines democracy and governance.
According to him, the monetization of electioneering often benefits candidates with deep financial resources rather than those with the best vision or qualifications.
Represented by Head, Benin Zonal Command of the Commission, Effa Imoh Okim, the EFCC boss stressed that ensuring a level playing field is critical for democracy.
“The impact of election financing on governance cannot be overlooked. The way leadership emerges often reflects the standards of the electoral process. When financial inducements and other irregularities interfere, they raise questions about the legitimacy of outcomes and the ability of leaders to govern effectively.
“Addressing the challenges of election financing is a shared responsibility. A system that prioritizes transparency and accountability in campaign funding contributes to better governance outcomes,” he added.
While affirming the EFCC’s commitment to tackling financial misconduct in elections, Olukoyede called for stronger enforcement of the limit imposed on campaigns.
“While regulations exist to impose expenditure ceilings, enforcement remains a key area for further strengthening. Exploring ways to enhance enforcement mechanisms is an important conversation that requires broader engagement,” he said.
Chairman, House of Representatives Committee on Electoral Matters, Adebayo Balogun, described campaign financing as a major obstacle to political participation in Nigeria.
While calling for stricter compliance with electoral laws to ensure transparency and accountability, the lawmaker stressed the need to keep political financing within legal limits.
According to him, campaign financing has historically hindered many credible individuals from contesting elections due to the high costs involved.
He said that it is nearly impossible for candidates to provide an accurate estimate of their own campaign expenses.
“Honestly speaking, campaign financing is a very bitter pill for candidates and political parties to swallow. It has been a barrier to the participation of many credible individuals in the political space from time immemorial.
“It must therefore be a significant step towards strengthening compliance with the provisions of the Electoral Act regarding accountability in political and campaign financing, thereby promoting a credible electoral process in Nigeria,” he added.
