All over the world, corruption has been described as the greatest obstacle
to economic and social development by undermining and distorting the
rule of law and weakening the institutional foundation on which
economic growth depends. The World Bank says the harmful effects of corruption
are especially severe on the poor, who are hardest hit by economic decline, are
most reliant on the provision of public services, and are least capable of bearing
the extra costs associated with bribery, fraud, and the misappropriation of
economic privileges. Nigeria's developmental lag is principally attributable to
corruption, as generations of corrupt politicians have frittered away a substantial part of
the resources that could have been channeled into national development. As early
as 1979, there were allegations of a staggering 2.5 bn missing from the
Nigerian National Petroleum Corporation (NNPC) treasury, necessitating the setting up
of the Crude Oil Sales Tribunal of Inquiry, headed by Justice Ayo
Irikefe. Although no specific figures are provided, Umaru Dikko was accused of stealing large sums
of money through the Presidential Task Force on Rice in the early
1980s. In 1994, the former Military President General Ibrahim Babangida was alleged to have
frittered away $12 bn from the Gulf War oil wind
fall.
The late General Abacha will probably remain in the history books for
sometime over his alleged theft of $20 bn from the treasury between
1993-96. Politicians, especially State Governors under the last administration were not deterred
by the cacophony created by the Economic and Financial Crimes Commission
(EFCC) and the Independent Corrupt Practices Commission (ICPC), as they were
alleged to have laundered away billions of state funds with
impunity. Even in the absence of unanimity on the specific figure, the nation has recently been thrown into
awe over allegations of how former President Obasanjo wasted over $10 bn on
phony power projects, despite his administration's perceived tough stance on
corruption. Summarily, between 1960, when Nigeria became independent, and 1999,
when democracy was restored, a staggering sum of $400 bn was stolen and
stashed away by generations of corrupt
rulers, while $300 bn of development aid
received during the last two decades has also been wasted by
them. |