Nigeria’s weak institutional structure has been identified as the fertile ground that breeds its endemic corruption-driven governance; which has eaten deep into the fabrics of the service system being managed by the political class. Such structural lacuna is a loophole created by weak rule of law and excessive informality in financial transactions, which makes it difficult to monitor (no transparency) and enforce official contractual procedures (for accountability). These structural weaknesses of institutions (capital stock for policy-making that is seemingly weak) and more, tempt the insensitive (against the suffering poor masses), greedy and unpatriotic political leaders to constantly and continuously soil their hands in shameful financial crimes by tampering with the people’s money (public funds in huge sums that run in millions and billions); and consequently, fall victims are the culprits in fraudulent and unconscionable activities in their highly elevated offices. There is empirical evidence emanating from such acts that explains why Nigeria’s economy has remained in a position that is significantly below its expected efficient production outcome. This evidence includes the scandalous misappropriation of funds by highly placed public servants in leadership positions in most economic sectors in the country; spanning over decades in the nation’s history. Most recently is the alleged cases of past and present top notches in the Ministry of Humanitarian Affairs and Poverty Alleviation, being currently investigated by the Economic and Financial Crimes Commission (EFCC).
With disciplined mind and putting preventive measures in place (as proffered by the EFCC executive chairman, Ola Olukoyede; in his presentation at the Senate during his screening session), good governance deliverables and dividends could be realised in the economy. He went further and suggested preventive strategies as a very strong tool by blocking the leakages through a transactional credit system, to stem corruption than enforcing the law against offenders (considering and comparing economic cost implications of each approach). Understudying contract and procurement fraud (on 50 entities that include both human and corporate, between 2018 and 2020), Olukoyede discovered that Nigeria lost N2.9 trillion. This fraud, if it had been ‘prevented’, would have given the nation 1,000 kilometres of roads, plus 200 tertiary institutions or there about, and would have educated 6,000 children from primary to tertiary levels @N60 million per child; and would have delivered 20,000 units of 3-bedroom houses or more across the country; with a world-class teaching hospital in each of the 36 states of the country.
In my opinion, due process in corporate governance that adheres strictly to strong institutional procedures of clearly spelt out policy processes, involving a broad concept that concerns the functions of governments, private enterprises, judicial systems, legislative bodies at both state and federal levels, political parties and regulatory agencies, can go a long way (in checks and controls, if patriotically implemented by officers at every stage) in stemming official corruption within the economy, and significantly improve the tasks for actualizing good governance, as well.
There is really no point in further external borrowing from global economic institutions (the World Bank, the International Monetary Fund or attracting other forms of financial assistance through other multilateral trade institutions like the World Trade Organisation) that will eventually end up in the pockets of individuals that do not care about the economic future and wellbeing of this country; while the financial future of the generations yet unborn are already mortgaged. This is because, from the facts gazing at every Nigerian today, it is obvious that the poverty alleviation schemes through consumption palliatives that are being shared out, are falsely claimed to have been distributed. They are never substantiated by real data or records of vulnerable people in the economy hence, the wealth of the nation is being wasted through this identified conduit for corruption. This is why good governance has been inferred as a “tall order” for this economy.
The present crop of our national leaders appears to be annulling the original thought-vision of those that fought for the nation’s independence in the First Republic, and are now unpatriotically confessing the opposite plan of the labours of our heroes past; disappointing the electorates that signed a social contract at various polling units with their votes cast voluntarily, to put them in power. The spirits of our late political fathers in Nigeria must be rolling in their various graves, in tears and with very excruciating pains about what is currently going on in an economy that they planned and programmed with dedicated and sacrificial services they bequeathed as legacies for rapid national economic growth and development. Our present leaders need to have a quiet introspection; think deeply about what has become of this economy, stop looting the treasury and save this economy from total collapse. The masses are really suffering!
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