ECONOMETRIC ANALYSIS OF THE IMPACT OF CORRUPTION ON NIGERIA ECONOMY
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ECONOMETRIC ANALYSIS OF THE IMPACT OF CORRUPTION ON NIGERIA ECONOMY
Chapter one
1.1 Introduction
The history of corruption is as old as the planet since ancient civilization contain indications of widespread ‘illegality and corruption’. Lipset and Lenz (2000) observed that “corruption has been ubiquitous in complex societies from ancient Egypt, Israel, Rome, and Greece down to the present.”
Corruption is thought to be widespread in modern governments and not limited to any continent, region, or ethnic group. This does not imply that the frequency and scale of corrupt acts are the same in all societies.
Some countries are definitely more corrupt than others, but they have stronger methods for dealing with corrupt actions. Clearly, Nigeria is not one of the countries with a better grasp on corruption, despite its endless corruption commissions and all the noise made by each administration about efforts to transform the country into a corrupt-free society.
This study focuses on corruption in Nigeria with the goal of efficiently addressing societal concerns. Corruption in the country has been serious in previous governments, and President Goodluck Ebele Jonathan’s administration appears to be similar to his predecessors, Late Umaru Musa Yar’adua and Chief Olusegun Obasanjo.
Victor E Dike 2003 (CEO, Centre for Social Justice and Human Development (CSJHD) in his article ‘Managing the Challenges of Corruption in Nigeria’ identified the forms of corruption in Nigeria as political corruption, bureaucratic corruption, electoral corruption, embezzlement, and bribery.
Political corruption occurs at the highest levels of political leadership and is characterised as a “corruption of greed.” It has an impact on decision-making, as well as the manipulation and distortion of political institutions and procedural rules.
Bureaucratic corruption in public administration refers to the ‘low level’ and’street level’ corruption that citizens confront on a daily basis in locations such as hospitals, schools, municipal licencing offices, encounters with the police, and tax offices, among others.
Electoral corruption includes vote buying, undue disenfranchisement, offers of office or special favours, coercion, intimidation, and interference with the right to free elections.
It appears that corruption is not unique to Nigeria, but it is a viable enterprise in Nigeria since the government lacks the trustworthy infrastructure to track down and convict the ‘big politicians’ who commit enormous thefts.
This suggests that individuals in authority are more to blame for corruption than ordinary people, who are frequently forced to engage in corrupt behaviours in order to survive.
For example, we recall that Chief Olusegun Obasanjo struck a ‘money arrangement’ with the family of Late General Sani Abacha, who stole the country. But he removed Mr. Vincent Azie (the then-acting Auditor-General), whose audit report accused the executive, legislative, and judicial branches of government of inappropriate accounting procedures.
The Abacha agreement and Azie’s case demonstrate that Chief Obasanjo lacks the will to confront corruption in Nigeria. Also, President Yar’adua’s administration neglected to prosecute anyone in the Obasanjo administration for failing to complete electricity projects worth billions of naira (Saturday Punch, 22 November 2008).
According to the aforementioned, one of the stated and agreed-upon factors contributing to our low rate of economic growth and development since independence in 1960 is corruption.
As a developing country with potential and resources at our disposal, the term corruption was not prominent due to our value-based system, availability and affordability of basic necessities of life, and good administration that ensured proper planning and allocation of national resources in the 1960s.
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