A party source revealed that the proposal was presented to the APC national caucus on Monday by the Chief Odigie Oyegun led the national working committee, at its meeting held at the presidential Villa which preceded the Tuesday National Executive Committee, (NEC) meeting, where the NWC was granted one-year tenure extension.
The document, titled “Financial Report for 2016, 2017 and presentation of 2018 Budget,” signed by APC National Treasurer, Alhaji Bala Mohammed Gwagwarwa, expected that out of the total estimate, N5.86 billion will be made from nomination fees and about N3.4 billion from fundraising, while it expects to earn the sum of N4.2 billion from membership dues, sales of party cards (N1 billion), and levies on Elected/Appointed Office holders (N0.304billion).
The party national leadership also proposed to the national caucus that the sum of N1.3 billion will be needed for the party convention while it earmarked N1 billion for media/ publicity for the conventions.
Further checks revealed that the Chief Oyegun national working committee is planning to engage a firm System Spec (Remita) to handle its collection of membership dues.
The document further read in part:’’Looking ahead of 2018 which is an election year budget, a lot of activities ranging from an organisation of congresses/ primaries, conventions, sensitisation meetings and campaigns are expected. The Budget must inevitably have to be robust, flexible and capable of being implemented. ‘’Bearing this in mind, a budget of N14.82 billion as shown in the Annexure 2 is being proposed.
“The main sources of income for the 2018 budget are nomination fees (N5.86bn), fundraising (N3.45 bn), membership dues (N4.2 bn), sales of party cards (N1.0 billion), and levies on Elected/Appointed Office holders (N 0.304billion).
“On the expenditure side, the major items are: Acquisition of National Secretariat (N1,96 Billion), Conventions (N1.3 Billion), Media /Publicity (N1billion), Election expenses (N0.4 billion), Vehicles (N0.05billion), Grants to states/Zones (N0.4billion), membership registration (N 0.2 billion), Reimbursements to states and zones (N2.48 billion).
“In order to ensure funding stability and respectable budget implementation, membership contribution has been identified as crucial.
Accordingly, a framework to deploy electronic payment system that assures convenience, transparency and ease of reconciliation of payment has been designed. This system allows the use of airtime to pay the monthly N100 membership dues by members while bigger payments can be transacted through banking channels customised for the party in all banks.
This system has been substantially completed except for the negotiation the revenue sharing formula between the party and the telecom companies whose platform will be used in collecting the payment and regulatory impediments will soon be resolved, which will substantially support the party’s on-going discussions on revenue sharing the formula with the telecoms.
“Due to the difficulty the party is facing with the telecoms, we have additionally engaged SystemSpec (Remita) as an alternative channel for collection of membership fees, which we hope will be launched soon.
“Based on membership strength of about 10 million and 35 per cent success in collection of membership fees, we are confident that this system will assure sustainable funding for the party.
“Looking ahead, there is hope that the financial position of the party which was in dire condition will continue to improve going forward. In this regard, the National Caucus is hereby invited to note.’’