EFCC reveals how governorship aspirants spend up to ₦30bn to contest elections

• EFCC says governorship aspirants spend between ₦20bn and ₦30bn to win elections.

• The cost begins from party primaries through the general elections.

• Rising campaign spending is linked to corruption and vote buying.

• The warning comes ahead of the 2027 general elections.

The Chairman of the Economic and Financial Crimes Commission (EFCC), Ola Olukoyede, has revealed that governorship aspirants in Nigeria spend between ₦20 billion and ₦30 billion to secure electoral victory.

Olukoyede made the disclosure while speaking at a public lecture at the University of Ilorin, where he expressed concern over the rising cost of elections in the country and its impact on governance and accountability.

According to him, the huge financial burden begins from the party primary stage and extends through to the general elections, making political contests extremely expensive and heavily capital-driven.

He noted that the high cost of winning elections has become a major driver of corruption, as successful candidates often feel pressured to recover the money spent during campaigns once they assume office.

The EFCC chairman warned that such spending patterns undermine democratic values and weaken the credibility of the electoral process, stressing that elections are increasingly being influenced by financial strength rather than competence or ideas.

He added that the situation also encourages vote buying and other forms of financial inducement, which distort the will of the electorate and reduce public trust in democratic institutions.

Olukoyede said the development raises serious concerns ahead of the 2027 general elections, especially as political actors continue to engage in expensive campaigns despite existing regulations on campaign financing.

He stressed the need for stricter enforcement of electoral spending limits and stronger institutions to curb the influence of money in politics.

According to him, when elections become excessively expensive, governance suffers, as leaders may prioritise recouping campaign funds instead of focusing on service delivery.

The EFCC boss reiterated that tackling corruption in the political system requires addressing the root causes, including the rising cost of seeking public office.

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Nigeria’s electoral process has long been criticised for being heavily monetised, with political stakeholders and observers repeatedly calling for reforms to reduce the financial barriers to entry.

The latest warning from the anti-graft agency adds to growing concerns about the sustainability of democratic competition in the country if election costs continue to rise unchecked.

As discussions around electoral reforms continue, attention is now shifting to how institutions and political parties will respond to the challenge ahead of the next election cycle.