Nigeria’s Fourth Republic (1999–present) has witnessed a more monetized electoral campaign, with vote-buying and the use of state resources for electoral benefit posing recurrent challenges. The Independent National Electoral Commission (INEC) plays a dual role as both an electoral management body responsible for promoting democratic participation and a regulatory authority overseeing political parties and campaign finance. This paper uses a qualitative and documentary research approach to analyze secondary data, including a historical context of Nigeria’s electoral processes and recent data, such as post-2023 election results. In addition to offering a focused study and reform agenda to improve regulation and lessen the detrimental impact of money on Nigerian elections, it assesses how well INEC's enforcement procedures and legal obligations correspond. Key findings indicate that while legal frameworks, such as the Electoral Act 2022, have improved formal regulation of political finance, enforcement remains weak, disclosure compliance is limited, and new funding channels, along with clientelist manipulation of social programs, are complicating efforts to control electoral campaigns. The study includes empirical, descriptive, and case studies of Nigeria’s electoral challenges. It offers practical, evidence-based recommendations rooted in African experiences. The paper compares institutional efforts to curb financial malpractices with measures to improve the credibility of the electoral process. Among other recommendations, it advocates the institutionalization of a digital political finance disclosure system and strengthening the Electoral Act to enhance enforcement capabilities.