13, November 2025/Naija 247news
Economist and Senior Partner at SPM Professionals, Dr. Paul Alaje, has called on the National Assembly, the Independent National Electoral Commission (INEC), and the Economic and Financial Crimes Commission (EFCC) to enact and enforce laws prohibiting the use of foreign currency, particularly the US dollar, in political campaign spending ahead of Nigeria’s 2027 general elections. He warned that the practice not only undermines transparency but also fuels corruption and unfair electoral advantages.
Addressing stakeholders at a public forum in Lagos on Thursday, Dr. Alaje emphasized that foreign currency in political financing creates loopholes that make campaigns opaque and difficult to monitor. “The use of dollars and other foreign currencies in political campaigns enables untraceable transactions, encourages money laundering, and weakens accountability mechanisms,” he said. “If Nigeria is serious about clean, credible elections, this loophole must be closed.”
Dr. Alaje urged the National Assembly to urgently draft legislation criminalizing the use of foreign currency in political campaigns, with strict penalties for violators. He called on INEC to introduce monitoring mechanisms requiring all political parties and candidates to declare their campaign funding sources, amounts, and expenditures exclusively in naira. According to him, transparency in campaign finance is crucial for ensuring that voters can hold candidates accountable for their financial backers.
Highlighting the role of enforcement, Dr. Alaje also appealed to the EFCC to proactively investigate any political entity attempting to bypass such rules. “Foreign currency donations are often used to fund illicit activities and avoid scrutiny. The EFCC must act decisively to prevent these funds from distorting the democratic process,” he added.
Political analysts note that the lack of strict regulation of campaign finance has long been a challenge in Nigeria. Wealthy candidates and well-connected interest groups can disproportionately influence elections by injecting large sums of foreign currency into campaigns, a practice that disadvantages ordinary candidates and undermines democratic fairness. Alaje stressed that regulating campaign finance in naira would create a level playing field, curb undue influence, and protect the integrity of elections.
The call comes amid rising public concern over electoral malpractice and financial misconduct in politics. Analysts warn that unchecked use of foreign currency in campaigns not only compromises the electoral process but also fosters corruption and weakens governance after elections. Dr. Alaje noted that foreign currency usage in political financing could have broader economic consequences, including strain on the country’s foreign exchange reserves and destabilization of the naira.
Dr. Alaje recommended that political parties maintain centralized campaign accounts denominated in naira, with full audits overseen by INEC. He stressed that transparent accounting practices and strict regulatory enforcement would not only safeguard elections but also strengthen public trust in the political system. “The electoral process should reflect the will of the people, not the financial muscle of a few,” he said.
Experts welcomed Alaje’s proposal, noting that curbing foreign currency use in campaigns could be a decisive step toward cleaner, more transparent elections in 2027. An electoral analyst commented, “Ensuring that all political funding is traceable in naira is not just an economic necessity; it is a democratic imperative.”
Dr. Alaje concluded by urging immediate action from policymakers, regulators, and enforcement agencies. “The time to act is now. Waiting until the election cycle begins will be too late. Strong legislation, vigilant monitoring, and swift enforcement are the only ways to prevent corruption and protect the integrity of our democracy,” he stated.
As Nigeria gears up for the 2027 general elections, Dr. Paul Alaje’s call to ban foreign currency in political campaigns highlights the urgent need for accountability, transparency, and fairness in the nation’s electoral process. By mandating the use of naira and instituting robust oversight mechanisms, the National Assembly, INEC, and EFCC can help curb corruption, restore public confidence, and ensure elections reflect the genuine will of Nigerians. The coming months will test the political will of authorities to implement these recommendations and shape a more transparent electoral landscape.
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Reporting by Favor Akpan, News Writer in Lagos, Nigeria.
