A new report by the Kimpact Development Initiative (KDI) has revealed the staggering cost of the 2024 Edo and Ondo governorship elections, highlighting how financial power continues to shape electoral outcomes in Nigeria.
The report, titled ‘PoliMoney,’ detailed how political parties in both states spent billions of naira on campaigns, with large rallies and media advertising consuming a significant portion of their budgets. Despite existing laws regulating campaign spending, the report suggests that political actors exploit legal loopholes, making money a decisive factor in winning elections.
In Edo State, over N3.17 billion was spent on campaign activities, with the Labour Party (LP) leading the spending race. The party reportedly invested N1.6 billion in media advertisements but struggled to translate the expenditure into votes. According to the report, LP spent an estimated N102,054.58 for each vote it secured—the highest cost per vote in both states.
Ondo State witnessed a different strategy. Political parties spent approximately N461 million on large rallies, focusing instead on grassroots engagement through posters and billboards. This approach worked in favor of the All Progressives Congress (APC), which ran the most cost-effective campaign, spending just N7,238.98 for each vote it received.
The report also raised concerns about last-minute spending on Election Day, suggesting that candidates used direct cash payments to influence voter decisions. In Ondo, candidates who had been relatively quiet throughout the campaign suddenly increased their spending in the final hours of voting, a move the report described as a deliberate attempt to sway undecided voters.
KDI’s findings indicate that the financial burden of running for office in Nigeria is rising sharply. Campaign costs in Edo increased by 1,923% over the past 12 years, while Ondo saw a 369% rise. The report warns that these soaring expenses make it increasingly difficult for candidates without significant financial backing to participate in the electoral process.
Despite the heavy spending, the report suggests that money alone does not guarantee electoral success. While financial resources account for approximately 53% of electoral outcomes, other factors—such as candidate popularity and party structure—remain crucial.
The report calls for stricter enforcement of campaign finance regulations, real-time monitoring of political spending, and tougher penalties for vote-buying to safeguard Nigeria’s democratic process.
As the 2024 governorship elections in Edo and Ondo show, the cost of seeking public office continues to climb, raising concerns about the future of free and fair elections in Nigeria.
