EFCC CHAIRMAN RAISES CONCERN OVER N20BN–N30BN SPENDING BY GOVERNORSHIP ASPIRANTS

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By Aishat Momoh. O.

The Chairman of the Economic and Financial Crimes Commission (EFCC), Ola Olukoyede, has raised concerns over the increasing cost of elections in Nigeria, revealing that some governorship aspirants allegedly spent between N20 billion and N30 billion to secure electoral victory.

Olukoyede made the disclosure on Wednesday in Ilorin while delivering the inaugural High-Level Guest Speakers’ Series organised by the Centre for Peace and Strategic Studies (CPSS), University of Ilorin.

Speaking on the theme, “De-risking and Mobilising Critical Stakeholders for Peaceful and Credible 2027 Elections in Nigeria,” the EFCC chairman warned that excessive spending during elections poses a serious threat to democratic governance and fuels corruption in public office.

According to him, the huge financial resources deployed during election campaigns often place elected officials under pressure to divert public funds after assuming office in an attempt to recover their political investments.

He noted that the growing commercialisation of the electoral process undermines the quality of leadership and weakens the foundation of good governance.

“The commercialisation of votes weakens the foundation of good governance because it compromises the political recruitment process. Leaders who buy their way into office are more likely to focus on recovering their investments rather than serving the public interest,” he said.

Olukoyede reiterated the EFCC’s commitment to combating vote-buying and other forms of financial inducement capable of compromising the integrity of Nigeria’s electoral system.

He disclosed that the anti-graft agency had carried out several arrests across the country over vote-buying and related electoral offences,