Want to be president? Here is how much it will cost you…

The Africa Report Introduction “No Nigerian President in the last 20 years has spent less than $100m to be President. It is now upwards of $300m. I know this because I am an insider”. Can crowd-funding break the cycle of candidates being in hock to special interests, who call in their favours once the election is won? It may be part of the conversation. Don’t hold your breath for 2023, however. “The PDP is selling its Presidential form for N40m ($96, 153), over a thousand times higher than the national minimum wage in a country where nearly half of the population lives below the poverty line on $2 a day and unemployment is over 33%.” For the ruling APC, the cost of the entry ticket is $120,000. Nicholas Norbrook Nigeria: Want to be president? Here is how much it will cost you… By Akin Irede Ahead of the 2023 elections, major political parties in Nigeria are selling their Presidential forms at very high prices that can only be afforded by wealthy individuals like former Vice-President Atiku Abubakar or Lagos godfather, Bola Tinubu. However, there are some who seek to break the influence of money in politics by raising funds from members of the public through crowdfunding. Can they make a difference? And how do candidates spend their money? How much does it cost to win a Presidential election in Africa’s largest nation? Guesses vary wildly, some estimates reaching as high as $2bn. With the 2023 elections expected to be keenly contested, the stakes will be high and so will be the spending. Ironically, Nigerian law, until last month, said the maximum amount to be spent by a Presidential candidate should not exceed N1bn ($2.4m) although it has now increased to N5bn ($12m). (version incomplète)