Vote-buying and corruption undermine Nigeria's political and electoral system, analyst warns

Nigeria's political landscape is dominated by a unique economic model where political actors wield significant influence over liquidity, effectively subordinating the formal economy to their interests. This "economy of politics," as described by analyst S. A. Ndanusa, operates parallel to the official economy monitored by the National Bureau of Statistics. While the formal economy grapples with inflation, GDP, and unemployment, the political economy thrives, particularly during election years, with ample liquidity and a robust network of investors, brokers, and consultants.

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Nigeria has two economies. There is the official economy monitored by the National Bureau of Statistics. That is where we find inflation, GDP, unemployment, exchange rates and enough decimal points to persuade us that our suffering has been carefully calculated. Then there is the economy of politics.

The core issue, according to the analysis, is how wealth acquires political power and what it expects in return. This dynamic dictates nearly every aspect of the economy and society, as those who control the nation's wealth monopolize its direction. The tragedy lies in the pervasive nature of political corruption, making it nearly impossible for any economic operator to function outside this system. The situation has escalated to a point where ordinary voters are increasingly exchanging their votes for monetary payments, stripping the electoral system of its principles and values.

The Osun governorship election serves as a stark example, with the two leading parties reportedly spending over one hundred billion naira each on vote-buying. In response, the Socio-Economic Rights and Accountability Project (SERAP) has called upon the Independent National Electoral Commission (INEC), the Economic and Financial Crimes Commission (EFCC), and the Independent Corrupt Practices and Other Related Offences Commission (ICPC) to investigate reported electoral offenses. These include vote-buying, financial inducement, illegal election financing, voter intimidation, violence, and the misuse of public resources.

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The system has today reached its zenith and even the ordinary voter is being boxed into exchanging their vote for a monetary payment. This has emptied the electoral system of issues, principles and values as the mandate becomes an ordinary commodity.

However, the analysis points out a critical flaw: these oversight organizations have historically failed to punish guilty parties in previous vote-buying episodes. This inaction suggests a deep implication and support for corruption within the Nigerian state itself, despite laws like Sections 125, 131, and 132 of the Electoral Act 2026 criminalizing bribery and undue influence. The system's current "zenith" signifies a critical juncture where the very foundation of democratic representation is being eroded by financial inducement.

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to urgently, jointly and transparently investigate reported cases of vote-buying, financial inducement, illegal election financing, voter intimidation, violence, misuse of public resources and other electoral offences in connection with the 2026 Osun State governorship election.