The limit on the amount of money that can be spent for contesting in a presidential election has been raised from a previous N1 billion to N15 billion.
Also, the financing of the gubernatorial elections, previously N200 million has now been raised to N5 billion, a 2,400 per cent hike.
Limit on Campaign FinancingFor senatorial elections, the limit was moved from N40 million to N1.5 billion, a 3,650 per cent increase, and for elections into the House of Representatives, there was a 2,400 per cent increase, as the limit was raised from N20 million to N500 million.
The State House of Assembly limit has also been increased from N10 million to N50 million, resulting in a 400 per cent increase.
Electoral laws guide the amount of money used for campaigns by political parties and their candidate who run for any public office.
Limits on what a politician can spend are set by the electoral act and are intended to be monitored.
After six months, political parties are expected to “gives a report of the breakdown of money spent by or on behalf of the party on elections,” according to INEC.