The Chairman of the Economic and Financial Crimes Commission (EFCC), Ola Olukoyede, has raised concern over escalating election spending, disclosing that some governorship aspirants in Nigeria spend between N20 billion and N30 billion to secure electoral victory ahead of the 2027 general elections.
Olukoyede made the disclosure on Wednesday in Ilorin, Kwara State, during the inaugural high-level guest speakers’ series organised by the Centre for Peace and Strategic Studies, University of Ilorin. The event focused on the theme “De-risking and Mobilising Critical Stakeholders for Peaceful and Credible 2027 Elections in Nigeria,” with emphasis on safeguarding electoral integrity.
The EFCC chairman warned that rising election spending poses a serious threat to democratic governance and encourages corruption among elected officials after assuming office. Olukoyede stated that the high financial demands of Nigeria’s electoral system often influence post-election behaviour of public officeholders. He explained that excessive election spending creates pressure on winners to recover campaign costs through public resources.
“The commercialisation of votes weakens the foundation of good governance because it compromises the political recruitment process,” he said.
He added that leaders who acquire office through heavy financial investment are more likely to prioritise personal recovery of funds over public service delivery. “Leaders who buy their way into office are more likely to focus on recovering their investments rather than serving the public interest,” Olukoyede stated.
The EFCC boss also confirmed that the agency has carried out multiple arrests related to vote-buying and electoral offences across the country, with several convictions already recorded. He noted that individuals prosecuted include politicians, electoral officials and other participants involved in electoral malpractice.
Olukoyede further disclosed that the commission plans to deploy drones and other technological tools to strengthen monitoring of election spending patterns, particularly during the 2027 polls. He stressed that enforcement of electoral laws must be strict and impartial, warning that impunity would undermine democratic stability.
According to the EFCC, rising spending in election is contributing to corruption risks, weak governance outcomes, and reduced public trust in democratic institutions. The commission warned that the commercialisation of elections threatens political accountability and undermines the credibility of electoral outcomes.
The Vice-Chancellor of the University of Ilorin, Prof. Wahab Egbewole (SAN), also described electoral corruption as a major security concern affecting national stability and development. He emphasised the need for stronger collaboration among institutions responsible for safeguarding electoral processes.
Stakeholders at the event agreed that unchecked election spending remains a major challenge ahead of the 2027 general elections. The EFCC reiterated its commitment to enforcing electoral laws, curbing vote-buying, and promoting credible, peaceful, and transparent elections in Nigeria.
