FOLLOWING POLITICAL/CAMPAIGN MONEY
By Charles E. Uche Esq.
Political finance(-ing) is a term used to describe funds raised and expended for political and/or election campaign reasons, either by a political party or an election candidate.
The overbearing and adverse effects of money in politics, election outcomes and democratic growth cannot be overstated. Indubitably, it has extensive consequences on a nation's socio-political and economic stability.
It has become trite that "Money Politics is the Winning Politics" and no one wants to be a loser - not after spending a mindboggling exorbitant sum on campaigns.
After all, without far-reaching campaigns (which tend to be very expensive), it would be practically impossible for political parties to articulate their ideas and visions to the public and, without which the electorates cannot make informed choices during elections.
Unfortunately, party campaigns in most African countries are fraught with despicable levels of corruption. Hence, the indispensability of a regulatory framework to ensure transparency and accountability of political/campaign financing.
In Nigeria, the legal framework governing political campaign financing is the Constitution of the Federal Republic of Nigeria (CFRN), 1999 and the Electoral Act, 2010. Other regulations includes the Revised Code of Conduct for Political Parties, 2018, which reaffirms the relevant provisions of the Electoral Act and signed by executive representatives of all registered political parties in Nigeria (represented by 50%).
Specifically, Sections 225 and 226 of the Constitution; and Sections 88 - 93 of the Electoral Act provides the authoritative regulatory framework governing Political Party and Campaign Financing.
The dire need for transparency and accountability in political financing has increased with corrupt party affiliates and political incumbents diverting public resources to fund political parties and campaigns -- which robs the nation taxpayers' resources meant for infrastructural development. This is compounded by gross regulatory, institutional and enforcement lacunae.
In many countries, especially in Africa and particularly in Nigeria, this induces undue political monopoly and unfair election campaign competition amongst candidates cum political parties in elections. The broad implications of these are fundamentally detrimental to a nation's democratic, political and socio-economic growth; and often leads to electoral violence.
Corrupt political financing is also encouraged by the culture of "vote buying/selling", fuelled by gross electoral illiteracy of the masses. Electorates in states across the country, expect to be paid in cash and kind with the resultant vote-buying syndrome experienced and worsened in the last Edo, Ondo, Anambra, Ekiti and Osun, and the 2019 general elections.
Nigeria’s Electoral Act is explicit on campaign finance. Crucially, the Act provides stringent penalties for violations. Interestingly, even as the candidates and political parties conspicuously violate the campaign finance laws, including spending without limitation; defaulting to submit "annual" and "special" audit statements; receiving donations above the statutory limit; open buying and selling of votes; the Independent National Electoral Commission (INEC) entrusted with enforcement of electoral laws seem to be inundated in regulatory and enforcement lapses.
This is exacerbated by the fact that citizens fail to realise their "power of inspection" of audit returns submitted to INEC by parties which shall include names, addresses, occupation and amount contributed by each contributor to a party pursuant to Section 92(8) of the Electoral Act.
More so, while the Electoral Act prescribes penalties for political parties that fail to submit their "special" audit statements, it fails to prescribe any for parties that fail to submit their "annual" audit statements.
As Nigeria prepares for the Edo and Ondo gubernatorial elections slated for September 19th and October 10th, 2020, the INEC must make all the difference by choosing to be independent and effective in the discharge of its monitoring and sanction powers as contained in the Constitution and the Electoral Act.
Consequently, it is imperative that the public and Civil Societies across the world and Nigeria "Follow The Money" and intensify their efforts in monitoring campaign financing and advocate reforms in order to curb the opportunities for corruption; while also seeking to strengthen electoral institutions and conduct electorate sensitisation which ultimately yields democratic dividends for the benefit of all and sundry.
If we don't strive to reduce the influence of money "tainted money" in politics, our system risk losing stability and legitimacy.
