Devastating Ways Corruption Is Hurting Nigeria’s Growth- FRC

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Corruption is hurting Nigeria’s growth- FRC

Corruption is hurting Nigeria’s growth- FRC recently warned that corruption and poor accountability are the biggest obstacles to national development. Victor Muruako, Executive Chairman of the Fiscal Responsibility Commission (FRC), outlined that a failure to confront these issues actively weakens Nigeria’s democracy and discourages foreign investment. He highlighted the urgent need for transparency and responsibility among officials, particularly at the state and local government levels.

The Economic Cost of Corruption in Nigeria

When public funds are mismanaged, Nigeria’s economic development suffers. According to Muruako, corruption undermines economic growth by diverting resources that could support public services, including healthcare, infrastructure, and education. By holding back foreign investors who demand stable business environments, corruption reduces opportunities for growth. Without a strong stance on these issues, the country remains limited in its economic potential.

Transparency and Accountability: Essential for Democratic Growth

Transparency and accountability are fundamental to sustainable governance. The FRC emphasizes that without these values, public trust and service efficiency deteriorate. When governments lack transparency, services meant for citizens are mismanaged or misappropriated, worsening social issues. Muruako pointed to transparent governance as a solution, noting that it improves living standards by enabling fairer service delivery.

Local Governments’ Role in Addressing Corruption

Local governments play an essential role in Nigeria’s fiscal responsibility structure. The FRC highlighted that state and local governments receive about half of the Federation’s revenue. However, the responsibility to use these funds effectively lies with these local administrations. Muruako appealed to state governors to promote accountability and actively support local government autonomy. With proper governance at local levels, the benefits of democracy would reach more citizens.

Corruption Beyond Financial Misconduct

The Independent Corrupt Practices and Other Related Offences Commission (ICPC) revealed that corruption extends beyond just monetary theft. Violating regulations and using positions for personal advantage also count as corruption. ICPC representatives emphasized that many agencies evade remitting surplus funds, claiming insufficient funds for projects. This misuse further strains the public funds, demonstrating that corruption in various forms is a widespread issue.

Fiscal Responsibility as a Solution

Oscar Okoro, the House Committee on Finance Clerk, supported the FRC’s position, urging agencies to prioritize fiscal responsibility over corruption. According to him, Nigeria’s core issues, from lack of capacity to misuse of resources, stem from ignoring fiscal responsibility. He encouraged public agencies to reject corrupt practices to help Nigeria move forward, highlighting the urgent need for integrity and prudence.

Conclusion

Corruption is hurting Nigeria’s growth—FRC’s message underscores an urgent need for reforms. For Nigeria to secure its democratic and economic future, every official, agency, and government office must act with transparency and accountability. This will strengthen Nigeria’s business environment, attract investment, and deliver benefits to citizens.

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References

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