Corruption & Public Finance: THE PROBLEM BEHIND MANY PROBLEMS

By Uwem Umana (Anti-corruption Reporter)

Nigeria's development failures in 66 years cannot be explained only by bad luck. Governance matters.

Over six decades, corruption, patronage, procurement weaknesses, opaque public finances, politically driven projects and weak accountability have repeatedly reduced the value of public expenditure.

This is why Nigeria has often had the strange experience of spending enormous sums without producing proportionate improvements. The problem is not simply stealing. It also includes poorly designed projects; abandoned projects; duplication;
inflated contracts; weak monitoring; politically motivated spending; inefficient subsidies; and institutions unable to enforce consequences consistently.

The World Bank's analysis of Nigerian public finance has repeatedly identified weak accountability and inefficient resource management as structural constraints.
Nigeria therefore needs a public-service revolution.

Every major public project should have cost;deadline; contractor; source of funding;
physical progress; independent verification;
and public reporting. NNL.