MONITORING OF POLITICAL CAMPAIGN FUNDING BY THE INDEPENDENT NATIONAL ELECTORAL COMMISSION (INEC): PROSPECTS AND CHALLENGES.

ABSTRACT This study investigates the effectiveness of current mechanisms for monitoring political campaign funding by the Independent National Electoral Commission (INEC) in Nigeria, alongside the challenges, barriers, and impacts of digital platforms on campaign finance. Using a structured questionnaire with Likert-scale responses from a sample of 120 respondents, the research explores perceptions on transparency, accountability, and the regulatory landscape in political financing. The findings reveal strong support for INEC's monitoring mechanisms, with a significant majority endorsing their effectiveness in ensuring transparency and accountability. However, respondents also highlight significant challenges, including undisclosed funding sources, low public awareness of campaign finance regulations, competitive pressures leading to overspending, corruption influences, and regulatory loopholes. These findings underscore the complex landscape of political financing in Nigeria, necessitating comprehensive reforms and heightened stakeholder engagement. Furthermore, the study identifies digital platforms as pivotal in modern campaign finance, positively correlating with increased fundraising. While digital technologies enhance outreach and inclusivity, concerns over accountability and cyber security risks require stringent regulatory frameworks. In conclusion, the research underscores the imperative for robust reforms by INEC to strengthen enforcement, improve public awareness, and harness digital technologies responsibly. Addressing these challenges can foster greater transparency, integrity, and fairness in Nigeria's electoral processes, crucial for upholding democratic values and trust in governance.