Police discovered the wads of US currency inside Chinyere Igwe's vehicle.

Police claim that Mr. Igwe, a PDP opposition member of the House of Representatives, was also found in possession of a list of recipients for the funds.

Politicians have been charged with purchasing votes to rig elections in the past.

In part to make it more difficult for politicians to collect significant sums of money to bribe voters, Nigeria recently introduced new banknotes.

There aren't enough of the new notes in use, which has people angry and frustrated. While some people have attacked banks, others have been waiting in lines outside of banks for hours in an attempt to get cash, frequently without success.

Over 40% of Nigerians rely on cash to pay for daily expenses like food because they don't have bank accounts.

In a Twitter thread, police in Rivers State, where Mr Igwe was arrested, urged "all contestants and political parties to comply strictly with provisions of the Electoral Act and other relevant laws".

Mr. Igwe, who represents a portion of Port Harcout in the south, has not yet offered any commentary on the situation.

Atiku Abubakar of the PDP, Peter Obi of the Labor Party, and Bola Tinubu of the ruling APC are all considered as potential winners in what is expected to be the most contested elections since the end of military rule in 1999.

The leader of the nation's electoral commission, Inec, has assured Peter Okwoche of the BBC that preparations are being made for the election on Saturday.

"Reports around the country indicate that materials are being delivered to the local governments as planned," Mahmood Yakubu said.

"We're exactly where we wanted to be in terms of preparation," Mr Yakubu added, saying security agencies had "assured" Inec that the vote would go ahead smoothly.