INEC has banned political parties from accepting contributions and donations above N50m
EKO HOT BLOG reports that the Independent National Electoral Commission (INEC) has mandated that political parties and candidates are not allowed to accept or contribute donations beyond N50 million ahead of the 2023 general elections.
This online media platform gathered the information is contained in INEC’s guidelines for the conduct of political rallies, processions, and campaigns.
The guideline also bothers on the finances and election expenses of political parties, candidates, and aspirants for next year’s election.
According to the INEC guideline, the election expenses of a political party are divided into three parts, the management of aspirants and party primaries, the management of candidates, and then the conduct of elections and miscellaneous election expenses.
The guideline also noted that the miscellaneous election expenses of a political party shall include but not be limited to re-election cases against the party, post-election or election petitions, and re-mobilisation of party members after elections.
The guideline read in part, “The maximum amount of money or other assets that an individual, a group of individuals or an entity can donate to a political party or aspirant for an election shall be N50 million.
“A political party shall not accept any monetary or other contribution which is more than N50,000,000 except it identifies and discloses the source of the contribution to the commission.
“Contribution to candidates by an individual or entity shall be from 150 days allowed for campaigns to election day. Contribution to aspirants by an individual or entity shall be from the date notice of the election is published to the conclusion of party primaries.
“Election expenses of political party mean all expenses in cash or otherwise incurred by a political party or candidates as well as party primary expenses of aspirants from the date notice of election is published to the day of election only.
“They exclude expenses incurred before the publication of notice of election. Election expenses of off-cycle or other elections shall relate to a period between the publication of notice for a particular election by the Commission and the date of the election. The election expenses of a candidate shall not exceed the limits prescribed in the Electoral Act, 2022,” the guideline states.
“The election expenses of a Political Party for management of Party Primaries shall not exceed two-thirds (2/3) of the limits prescribed for candidates’ expenses in the Electoral Act, 2022 for respective elective positions.
“The election expenses of a Political Party for the conduct of elections shall not exceed two-thirds the limit of election expenses of each Candidate multiplied by the number of candidates the political party shall sponsor in a particular election for elective.
“Every Political Party shall submit to the Commission a detailed annual statement of its assets and liabilities and analysis of its sources of funds and other assets, together with a statement of its expenditure between 1st January and 30th March of the succeeding year in hard and soft copy.”
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