The Socio-Economic Rights and Accountability Project (SERAP) has asked the Independent National Electoral Commission (INEC) to publish the accounts and balance sheet of every political party submitted by the Independent National Electoral Commission (INEC) to the National Assembly since 2015 and make available to the public.
The organization, in a letter dated 21st May, 2022 and signed by its deputy director, Kolawole Oluwadare, noted that the transparency of political parties is key to greater transparency in public life and removes the risks to the independence of political actors.
The organization held that Nigerians ought to be informed about the financial records of their political parties poised to assume power in the future.
It added that the publication of details of financial transactions of major political parties would prevent the bane of vote buying and checkmate the electoral fraud perpetrated by these parties.
The letter read in part: “The lack of transparency and accountability in political finance is seriously undermining the legitimacy and credibility of the democratic and electoral processes, and invariably contributing to denying the citizens the right to effective participation in their own government.
“The failure of political parties to comply with transparency and accountability frameworks would undermine citizens’ trust in their political parties and lack of trust will inevitably destroy confidence in the system and decrease citizens’ interest and participation in the democratic process.
“Elections are only one part of the democratic process, and a fair and effective electoral system must be founded in an adequate democratic infrastructure and responsibility of political leaders.
“According to our information, several political parties have for many years failed to submit their annual financial statements to INEC. Many political parties have failed to submit election expenses reports, and to disclose material contributions received from individuals and corporate bodies to the Commission.
“SERAP is concerned that despite several provisions of the Electoral Act (as amended), anti-corruption laws, and the country’s international anti-corruption obligations, suspected perpetrators of vote buying and related electoral offences frequently escape justice for their crimes.
“Under Section 86(3)(4) of Electoral Act, INEC has the power to examine the records and audited accounts kept by any political party, and to publish the report on such examinations and audit in two national newspapers and Commission’s website within 30 days of receipt of the results.
“Section 226 (1) of the Electoral Act 2022 also requires INEC to prepare and submit a report every year to the National Assembly on the accounts and balance sheet of every political party. Under Section 225(5), INEC has the power to give directions to political parties regarding their books or records of financial transactions.”
