CeFTIW Warns Against High Election Spending, Hurting Economy
The Centre for Fiscal Transparency and Integrity Watch (CeFTIW) says high election spending is gradually hurting Nigeria’s economic growth.
Executive Director of CeFTIW, Mr Umar Yakubu, stated this in Abuja at a one-day stakeholder sensitisation workshop on electoral process financing in Nigeria ahead of 2023 general elections.
Citing the just concluded primary elections, Mr Yakubu says, “Research has shown that political party financing has a heavy link with public sector corruption as political actors heavily fund party activities with the aim of recouping their monies when that party gets to power”.
While presenting a summary of the just concluded primary elections, he added that, “The elections were heavily monetised as delegates were induced with foreign currencies to vote candidates. The resultant effect is what we are facing today as the local currency is seriously pressured and falling to about N710 to a dollar, which is a very worrying situation”.
Speaking further, CeFTIW noted that the Independent National Electoral Commission (INEC) has budgeted about N305 billion for 2023 elections which shows a 61% increase from the N189 billion budget in the 2019 elections, though less than 50% of voters turned out, adding that despite Nigeria having only 18 registered political parties, it runs the most expensive elections in the world.
The ED added that there is a need for fiscal and monetary authorities to check wastage of national resources all in the name of elections and ensure that offenders are adequately published.
At the event, the center also launched a portal that houses financial disclosures and sources of funding for candidates in 2023.