PARTIES IN THE DOGHOUSE: FINANCIAL REPORTING LAG AMONG NIGERIAN POLITICAL PARTIES, BARRIERS TO TRANSPARENCY AND IMPLICATIONS ON ELECTORAL SYSTEM STABILITY
Salihu, Anazuo Saadat, Ekpa, Friday Okpanachi, Owuda, Rashida Lamidi and Mustapha, Kaosarat Olajumoke
Volume 9 Issue 2
Abstract
How financially transparent are Nigerian political parties and how compliant are they with existing mandatory requirements that relate to financial statement disclosures? Furthermore, what are the barriers to achieving better transparency and compliance and what are the implications of these on the stability of the electoral system? We analyze responses from interviews and draw on existing literature from the fields of corporate finance, law and political science to establish how non-compliance and barriers to transparency can impact the stability of the electoral system as well as confidence in the electoral process. Analysis of interviews suggests voter apathy, complicity of the national electoral body, the role of audits and the pitfalls of disclosing the identity of donors. It was recommended that non-financial punishments should be considered for erring parties and those accountants and auditors should be provided with specialized skills that are needed to make the assurance process fairer. Keywords: Political Parties, Accounting Reporting Lag, Transparency, Electoral System Stability
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