0

With Nigeria ranked as the 146th least corrupt nation out of 180, according to Transparency International. Nigeria’s vast mineral riches has not impacted positively on the lives of the average citizens. Despite its huge petroleum potentials, the nation still imports refined petroleum from abroad. This is due to the high level of corruption that has been institutionalized in the Nigerian economy. Furthermore, Nigeria’s oil producing States have been plagued with poverty, lack of social amenities, youth militancy and high crime rate. The Multinational Companies (Shell Petroleum, Total Nigeria Plc, and Exxon Mobil) continuously exploit the oil rich zones, meddle in the political affairs of the nation and pollute the environment through gas flaring, and oil spillage. They evaded tax, increased the price of petroleum at will and gave nothing back to the community. This led to the youths taking up arms and vandalising oil pipelines, and kidnap of foreign nationals. To this end, the Fuel Subsidy Scheme was enacted by the Federal Government to reduce the price of Petroleum and empower the average Nigerian. This initiative later turned out to be a scheme to enrich a few corrupt government officials and some petroleum marketers thereby widening the gap between the rich and the poor.
Corruption is still a major issue in Nigeria and is responsible for the massive financial losses, slow economic growth, poor development, political instability and current insurgency. The main types of corruption are the incidental (individual), the institutional (e.g police force), and the systemic (societal) which occur in form of embezzlement of public funds, fraud, extortion, cyber-crime, money laundering, abuse of trust, rigging of elections etc. Several initiatives to combat the menace include fiscal policy reforms, enactment of several anti-corruption laws, agencies and programs, prosecution of corrupt government officials and improvement in the socio-economic welfare of the citizens. Despite these efforts, corruption continues to plague the Nigerian economy due mainly to the high level of greediness, political instability, and government’s lack of will to probe some past and present public office holders.
Although, General Muhammadu Buhari won the presidential election in 2010, Jonathan Ebele Goodluck was declared the winner. This led to the current political instability, and destruction of innocent lives and properties. In 2014, a Central Bank of Nigeria (CBN) Governor was removed from office for questioning a missing $20Billion United States Dollars from an Excess Crude Oil Account which was supposed to be remitted to the Federation Account. The funds were instead diverted for some individual’s personal gains instead of making investments towards the infrastructural developments in the country (e.g schools, hospitals, roads etc). This affects the Nigerian brand and discourages Foreign Direct Investment (FDI) into the country. However, there is still hope for Nigerians because the president administration has waged a war to end corruption by giving autonomy to the Judiciary and the anti-corruption agencies (e.g the Economic and Financial Crimes Commission (EFCC), Independent Corrupt Practices Commission (ICPC) and the Code of Conduct Bureau (CCB)) to probe any person suspected of corruption. The anti-corruption agencies have also implemented a joint operations to end corruption in Nigeria. To this end, two ex-State Governors and their families are currently in custody and facing trial for money laundering and award of contracts to their family members and friends. In addition, the missing $20Billion United States Dollars has been returned to the Federation Account within the first week of Buhari’s resumption to office.

Asked question