Section 86
Period to be covered by annual statement(1) Every political party shall submit to the Commission a detailed annual statement of assets and liabilities and analysis of its sources of funds and other assets, together with statement of its expenditure including hard and soft copy of its list of members or in such a form as the Commission may require.
(2) Any official of the political party who contravenes subsection (1) commits an offence and is liable to a fine of N1,000,000 or imprisonment for a term of six months or both.
(3) A political party shall grant to any officer authorised in writing by the Commission, access to examine the records and audited accounts kept by the political party in accordance with the provisions of this Act and the political party shall give to the officer all such information as may be requested in relation to all contributions received by or on behalf of the party.
(4) The Commission shall publish the report on such examinations and audit in two national newspapers and Commission’s website within 30 days of receipt of the results.
This provision mandates political parties to submit their annual statement of assets and liabilities and analysis of its sources of funds. It also empowers the Commission access and examine the records and audited accounts kept by any political party after which the Commission shall publish the report in two national newspapers.
Section 225 (2) of the Constitution specifically requires the political parties to disclose their sources of funds and their manner of expenditure. To this end, this section reinforces the constitutional provisions on disclosure of assets and expenditures.
A new provision is added to the 2022 Act requiring political parties to submit hard and soft copy of its list of members to INEC along with their annual statement, analysis of source of funds and expenditure statement.
A new penalty provision is included for officials of political parties that contravene this requirement – fine of 1million naira or 6 months imprisonment or both.
In addition to publishing the financial examination and audit report of political parties in two National Newspapers, INEC is now mandated to publish same on its website within 30 days of the receipt of the audit results.
See:
INEC Guidelines on Finances and Election Expenses of Political Parties, Candidates and Aspirants
Section 225 (2) of the 1999 Constitution
