• Tuesday, February 11, 2025
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Nigeria inches up to 26 in global anti-corruption index

IMF/WTO: Nigeria’s economy suffers from corruption, disregard for rule of law

Nigeria has recorded a slight improvement in the 2024 Corruption Perceptions Index (CPI), scoring 26 out of 100—up from 25 in 2023. This marginal increase has moved the country’s global ranking from 145th to 140th among 180 nations, according to the latest report by Transparency International (TI) and its Nigerian partner, the Civil Society Legislative Advocacy Centre (CISLAC).

While this progress signals some gains in the fight against corruption, deep-rooted issues continue to undermine transparency and accountability.

Experts attribute Nigeria’s slight improvement in the fight against corruption to several key factors, though they caution that significant challenges remain.

Read also: IMF/WTO: Nigeria’s economy suffers from corruption, disregard for rule of law

According to them, one of the major drivers of progress is the increase in high-profile anti-corruption prosecutions. Agencies such as the Economic and Financial Crimes Commission (EFCC) and the Independent Corrupt Practices and Other Related Offences Commission (ICPC) have intensified efforts to investigate and prosecute corruption cases.

However, experts emphasize the need for political independence in these investigations to ensure impartiality and effectiveness.

“Nigeria has made strides in reclaiming stolen public funds, including the $52.88 million recovered from former oil minister Diezani Alison-Madueke, along with continued efforts to retrieve the Abacha loot”, analysts said.

Despite these successes, experts warn that a lack of transparency in managing recovered assets raises concerns about their proper utilization.

Analysts further noted that civil society and media advocacy have also played a crucial role in holding the government accountable. Investigative journalists and civil society organizations have been at the forefront of exposing corruption and pressuring authorities to take action.

While these groups face government pushback, experts commend their resilience in promoting democratic accountability.

Experts also noted that the expansion of e-governance tools in tax collection and procurement processes has minimized opportunities for corruption, though further improvements are needed to strengthen accountability across public institutions.

“Despite some progress, Nigeria continues to struggle with widespread corruption across various sectors”, analysts stated.

Judicial corruption, according to them, remains a major challenge, with issues such as bribery, conflicting judgments, and a lack of accountability.

A United Nations report in March 2024 revealed that 20% of Nigerians who interacted with the judiciary were asked to pay a bribe.

“State capture and nepotism also persist, as government appointments are often influenced by personal or ethnic affiliations rather than merit.

“The absence of a Whistleblower Protection Law further discourages citizens from reporting corrupt practices

“Press freedom and civic engagement are also under threat, as journalists, activists, and whistleblowers exposing corruption face increasing government suppression, including arrests and intimidation”, analysts revealed.

Read also: I was told I would never get any appointment in Nigeria for fighting corruption Okoi Obono Obla

They also revealed that oil theft and subsidy fraud are significant concerns, with Nigeria, Africa’s largest oil producer, losing billions in revenue each year due to these illegal activities.

“In the power sector, corruption continues to hinder progress. Despite substantial government investments, the national grid remains unstable.

“Frequent electricity tariff hikes have placed a heavy burden on citizens, many of whom still lack reliable power supply.

“Tax evasion and selective waivers further exacerbate economic challenges. While small businesses and ordinary citizens face heavy taxation, large corporations and elites benefit from questionable tax waivers, leading to substantial revenue losses”, they argued.

Experts believe that corruption within the security sector continues to be a major obstacle to national stability.

“Wasteful expenditures and mismanagement within security agencies weaken efforts to address insecurity, while politicians increasingly use security forces for personal vendettas.

“Despite economic hardships, officials continue to approve luxury expenditures while citizens struggle with insecurity, rising taxes and the removal of subsidies.

To tackle corruption effectively, CISLAC/TI-Nigeria emphasized the need for full independence and adequate funding for anti-corruption agencies such as the Economic and Financial Crimes Commission (EFCC), the Independent Corrupt Practices Commission (ICPC), and the Nigerian Financial Intelligence Unit (NFIU).

Additionally, they call for swift and transparent prosecution of corruption cases, ensuring that legal actions remain free from political interference.

The mentioned that strengthening judicial integrity is also crucial, which includes implementing whistleblower protections, enforcing asset disclosure requirements, and establishing conflict-of-interest regulations.

CISLAC/TI-Nigeria further advocates for the full digitization of government contracts, budgets, and procurement processes to enhance public access and accountability.

Read also: Onojah advocates stiffer punishment, death penalty for high profile corruption in Nigeria

They also stress the importance of stricter tracking of oil production and the elimination of selective tax waivers, which have contributed to revenue losses.

To improve transparency in asset management, they propose the creation of a public database for recovered assets.

They also said that legislative action is needed to establish strong whistleblower protections, ensuring that individuals can report corruption without fear of retaliation.

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