4 Sources of Nigerian Politicians’ Campaigns Funds Exposed Before 2023 Elections
- Nigerian politicians usually have to do a lot of spending to fund their ambition to run and win elective positions.
- Running for political office can be financially exhaustive, hence the need to gather funds from different sources for the 2023 elections.
- Money is spent on printing of promotional materials, mobilisation of supporters and many other things.
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We have entered an election year in Nigerian and the atmosphere has been quite apprehensive with a lot of ongoing campaign rallies in many communities, towns and cities. Everywhere is flooded with political party posters, banners, billboards, souvenirs, radio and TV jingles and other types of promotional materials.
It is often said that Nigerian politics is "money politics" and that one who doesn't have a certain amount of financial backup may not be able to play the game. The assertion can not be proven to be true or false, but the common knowledge is that a lot of spending goes on around the electioneering period in Nigeria.
Source: UGC
Apart from spending money on promotional and advertorial materials, money has to be spent on travels, mobilisation of supporters during campaigns, and renting of campaign grounds.
So, this article sets to expose the ways Nigerian politicians raise funds to finance their ambition right from the point of interest to actually contesting elections.
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1. Using personal funds
One major source of funding for political office hopefuls is personal funds. A politician who is interested in running for office would have to part with a good amount of his or her personal money in a show of faith for his ambition. They would have to make some kind of leap of faith with their finances and make sacrifices before they can get other people to believe in them as well.
2. Fundraising from political associates
Another way politicians raise funds for campaigns is through fundraisers. Sometimes a politician who has rich friends and associates can host a fundraiser to get them to financially support his hope of running for office and actually winning. These kind of events are usually exclusive and invites-only, where monies are pledged in support of the cause.
In 1999, Olusegun Obasanjo was reported to have raised about N400 million for his campaign to run for president on the back of the Peoples Democratic Party. The event which held in Abuja was attended by business magnates, diplomats and moneybag politicians in the country.
3. Crowdfunding from the public
Crowdfunding is also a great way to raise funds for campaign. Through this way, the politician and his team appeal to the public to make little donations to support the candidate. This is easier when the politician is a well known personality who the members of his constituency are convinced has their interest at heart.
In 2014, Buhari Support Organisation (BSO) announced that it had raised N54 million through a crowdfunding project on behalf of the All Progressives Congress presidential flagbearer ahead of the general elections of 2015.
In like manner, Aisha Yesufu, a spokesperson for Peter Obi, is canvassing for a N100 million fund which will have Nigerians donating to the campaign of the Labour Party presidential candidate.
4. Political party support
This is perhaps the surest source of campaign funds for politicians. Political parties on their part raise a lot of money from selling of expression of interest forms and nomination forms. Last year, the All Progressives Party (APC) reportedly made over N30billion from the sale of these forms. The party also raises money from party members and individual supporters through membership fees, subscriptions and small donations. Part of the money is used for the running of campaign rallies and radio and TV jingles across the country.
INEC approves campaign spending for presidential candidates, others
INEC approved the publication and release of the guidelines for political campaigns as well as election expenses of political parties, candidates and aspirants.
According to the electoral umpire, a candidate running for president must not incur campaign expenses exceeding N5 billion. For a governorship candidate, the spending must not exceed N1 billion. Senatorial and House of Representatives candidates should not spend more than N100 million and N70 million respectively.
For State Assembly election and local government chairmanship election, the candidate may incur expenses of a maximum of N30 million, while in the case of local government councillorship election, the maximum amount to be spent on campaigns should not exceed N5 billion.
INEC warned that a candidate who knowingly contravenes the above guidelines is liable to a fine of 1% of the amount permitted as the campaign limit or 12 months in prison or both.
7 Businesses Making Money During Elections in Nigeria
The electioneering period in Nigeria is usually characterised by a lot of cash splash by political parties and candidates.
Political parties are often driven by the desire to win the support and votes of electorates, hence the need to overspend during the period before the polls.
This, therefore, means that the forthcoming elections will experience more spending than previous elections.
Legit.ng in a previous article highlighted some of the businesses that usually thrive in this period and they include media, printing, social media influencing, entertainment, transportation, event planning/logistics and hospitality.
Source: Legit.ng
