In a recent announcement, Senate leader Senator Opeyemi Bamidele highlighted the revisions made to Nigeria's Electoral Act, which have raised the campaign finance limits for various political positions. The change boosts the maximum allowable spending in presidential elections from N5 billion to N10 billion and includes substantial increases for other offices, such as governorship and legislative positions. This reform is seen as a response to the growing cost of election campaigns in Nigeria, pushing the limits for gubernatorial races from N1 billion to N3 billion and setting new thresholds for the Senate and House of Representatives as well.

In addition to financial regulations, the new act also introduces stricter penalties for electoral offenses, aiming to combat vote-buying and result manipulation. Senator Bamidele indicated that under the revised regulations, individuals found guilty of such actions could face up to two years in prison or substantial fines. This aspect of the legislation is intended to enhance the integrity of the electoral process as Nigeria approaches critical election periods, promoting a fairer and more transparent atmosphere for candidates and voters alike.

The increased financial limits and legal measures may have significant implications for how campaigns are conducted in Nigeria, possibly leading to greater financial disparities among candidates based on their funding sources. Furthermore, while the intent is to ensure a level playing field, concerns may arise regarding how the large sums affect the influence of money in politics, especially as candidates vie for positions under a system that has historically faced challenges with corruption and electoral malpractice.