HighlightTop Story

Corruption rendered Nigeria’s economy prostrate – Ndoma-Egba

118

[dropcap]C[/dropcap]orruption can no longer be viewed as the “victimless crime”. Corruption is a crime against humanity. Corruption has existed since time immemorial; even in biblical scriptures corruption is present in many stories. The scourge of corruption in post-colonial Nigeria is gnawing at the progress that the country could be enjoying. Chairman Governing Board of Niger Delta Development Commission (NDDC), Senator Victor Ndoma-Egba, SAN, has stressed the need for the fight against corruption to be given total support by all Nigerians.

“Corruption is the big masquerade that has rendered our economy prostrate and almost grounding the Nigerian State. Nigerians have consciously or unconsciously, created systemic corruption in the polity and the trend has continued, said Ndoma-Egba.

The NDDC chief made the remark while delivering a paper titled: “Perspective on Economic Growth and Recovery Plan” at the just concluded annual conference of Nigerian Bar Association (NBA) held in Lagos.

” Corruption has grown enormously in variety, magnitude and brazenness because it has been extravagantly fuelled by budgetary abuse and political patronage. Consequently, public and private sectors funds were channeled to political allies, business surrogates, personal or family friends in the guise of contracts to execute public works of one kind or another,” the NDDC helmsman said.

Ndoma-Egba identified systemic corruption as one of the major constraints of economic planning in Nigeria that made all the previous development plans of government not to achieve the desired goal of advancing the country’s economy and making life better for the populace.

 

He observed that “There are several factors that breed corruption. Inefficient and incompetent bureaucracies as a result of intemperate States creation which has resulted in the institutionalization of essentially a unitary system of government and a nominal federalism is one of them. Corruption is very costly. Price Water House Coopers (PWC) believes that if the level of corruption in Nigeria were at the level of Ghana’s, Malaysia’s and Colombia’s, Nigeria’s economy worth USD 513 billion in 2014 would have been twenty two percent bigger. By 2030, PwC predicts that Nigeria’s economy should triple and that if Nigeria manages to reduce corruption to Malaysia’s level, the economy could be bigger by 37 per cent. The additional gain would be worth USD 534 billion after adjusting for inflation, about the current worth of the economy. Clearly, the price we are paying for corruption is needless.”

Ndoma-Egba urged the Federal Government to continue to demonstrate the zeal and determination to combat corruption, the hydra-headed monster sulking Nigeria and its citizenry. He suggested that the anti-graft agencies should be empowered with sufficient funding for them to be able to re-engineer their legal framework and do thorough job to ensure success in the anti-corruption war.

The former Senate Leader said: “In response to the current economic recession, the consensus among a cross section of Nigerians and policy analysts is that previous economic policies where the structure of the economy remained highly import dependent, consumption driven and undiversified with no culture of savings for the future and dilapidated infrastructure left the country ill-prepared for the recent collapse of crude oil prices and production.

Leave a comment

Related Articles

FAAN shuts down KFC outlet at Lagos Airport over discrimination against ex-Gov Daniel’s son

Barely 24 hours after Debola Daniel, son of former Ogun State Governor...

Atiku’s campaign DG switches loyalty, drums support for Tinubu, Fubara

A chieftain of the People’s Democratic Party (PDP) in Rivers State, who...

Just in: FCT court discharges, acquits ex-AGF Adoke in OPL 245 fraud charge

The FCT High Court in Jabi, Abuja, on Thursday dismissed the charges...

63-year-old woman, teenage girl, two others killed in U.S. stabbing spree

A man armed with a knife went on a stabbing spree in...

FG to collect only nine types of taxes, says FIRS chairman

The Federal Inland Revenue Service (FIRS) says in line with the presidential...

After 14 days in detention, First News editor, Segun Olatunji, breathes air of freedom

The Editor of FirstNews, a digital newspaper, Segun Olatunji, on Thursday regained...

N3trn budget padding: Sen. Ningi threatens legal action if suspension is not lifted in seven days

Abdul Ningi, the senator representing Bauchi Central, has given Senate President Godswill...

Delta military killings: DHQ declares Prof. Arthur, Amagben, six others wanted

The Defence Headquarters has declared eight people wanted over the recent killing...

Eniola Ajao apologizes over “AJAKAJU” movie premiere controversy

Actress Eniola Ajao has issued an apology to the public in the...

Soneye, NNPC Ltd.’s spokesman, wins NIPR’s Distinguished Spokesperson Award

Mr. Olufemi Soneye, Chief Corporate Communications Officer of Nigerian National Petroleum Company...

Ex-Presidential media aide, Akande criticises LP’s leadership, urges party’s alignment with national interest

Mr. Laolu Akande, a former presidential assistant, has expressed dissatisfaction with the...

Economic hardship: Ogun Govt. begins sale of rice at 50 percent price reduction to workers, public

Ogun Governor, Dapo Abiodun, has announced that his administration will start selling...

FG committed to steel industry revitalization to drive infrastructural development, says Industry Minister, Dr Uzoka-Anite

The Federal Government is committed to industry rehabilitation, with a focus on...

Pres. Tinubu pays last respect to 17 soldiers murdered in Delta State

President Bola Tinubu on Wednesday extended scholarships to the children of the...

Easter: FG declares Friday, March 29, Monday, April 1 public holidays

The Federal Government has declared Friday, March 29, and Monday, April 1,...

Fake, unwholesome products: NAFDAC seals 10 bakeries, 8 table water factories in Rivers

The National Agency for Food and Drug Control (NAFDAC) has shut down...

Just in: Bodies of 17 slain gallant soldiers arrive at Abuja military cemetery for burial

The bodies of the 17 military personnel slain recently at Okuama, Delta...

Climate change, food security: AfDB approves $50 million for Yobe State

The African Development Bank Group (AfDB) has granted a $50 million loan...

Ex Guinea-Bissau President’s Son Jailed in U.S. for Drug Trafficking

Malam Bacai Sanha Jr, the son of a former president of Guinea-Bissau,...

Kidnappers ‘ll be treated as terrorists, they are cowards going after soft targets – Tinubu

President Bola Tinubu has called for treating those involved in kidnapping as...