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Nigeria loses over $200bn to corruption, procurement irregularities — McArthur Foundation
The MacArthur Foundation has said that a staggering sum of over $200 billion is estimated to have been lost in Nigeria between 1970 and 2008 due to widespread corruption and procurement irregularities.
According to the Foundation, the massive financial haemorrhage occurred through various channels, including inflated contracts, dubious asset disposals, and outright theft of resources, reports The Guardian.
Deputy Director for Nigeria at the MacArthur Foundation, Amina Salihu, made the revelation in Abuja yesterday at a high-level town hall meeting to commemorate the 2024 International Anti-Corruption Day.
The Guardian reports that the meeting, aimed at addressing systemic challenges in Nigeria’s public procurement processes, was organized by Accountability Lab Nigeria in partnership with the Public and Private Development Centre (PPDC) and the United Nations Office on Drugs and Crime (UNODC), with support from the John D. and Catherine T. MacArthur Foundation.
The event, themed “Tackling Procurement Fraud and Its Far-Reaching Consequences: A Collective Responsibility,” brought together government officials, civil society organisations, private sector representatives, and international development partners.
Salihu underscored the importance of ensuring transparency, competition, and integrity in the country’s procurement processes.
She said, “So it seems our work is never going to be done because that is a potential area where we can meet the needs of citizens. It is also the potential area where our country, and also our continent, is haemorrhaging our lifeblood because these resources actually are life’s work, and it’s our lifeblood.
“And you know, whenever you look up these things, you get all kinds of different statistics that trouble you. Between 1970 and 2008, over $200 billion was lost in Nigeria through procurement, through inflated contracts, through asset disposals that are not very straightforward, through resources that have been hidden under the table.”
She stressed the need for effective regulation and oversight to prevent corruption and ensure that resources are allocated efficiently.
She also acknowledged the importance of collaboration between government, civil society, and the private sector to promote transparency and accountability.
According to her, corruption in Nigeria’s procurement process has severe consequences, including the diversion of resources meant for essential public services.
On his part, the Country Director of Accountability Lab, Friday Odeh, lamented that Nigeria’s public service is plagued by a significant lack of accountability.
He noted that this accountability gap has led to rampant abuse of procurement processes and blatant misuse of public resources, resulting in substantial financial and temporal losses for the country.
He said the absence of accountability enables corruption, allowing public officials to exploit resources for personal gain rather than serving the nation’s best interests.
“Currently, public procurement processes are carried out without transparency, such as unpublished procurement information, which leaves citizens in the dark about how decisions are made and deprives them of the chance to track the progress of projects,” he said.
The UNODC Representative, Maximilian Menhard, said the International Anti-Corruption Day offers a crucial opportunity to raise awareness about procurement fraud, commit to integrity in public procurements, and agree on relevant follow-up actions.
He said: “Corruption In public procurement has profoundly negative impacts on government spending, undermining market competition, and impeding economic and sustainable development. It leads to governments paying inflated prices, often resulting in substandard goods and services, a lack of accountability, and an erosion of public trust.
“A procurement system lacking transparency, competition, and integrity is fertile ground for corrupt behaviour, and while implementing a public procurement system based on these principles can be challenging.”
Lucy Abagi, CEO of the Public and Private Development Centre (PPDC), revealed that a recent report by her organisation exposed significant transparency gaps in Nigeria’s public procurement processes.
The report found that over 56% of Freedom of Information (FOI) requests for procurement information went unresponded to, highlighting the challenges citizens face in accessing such data.
She said this lack of transparency undermines accountability and trust in government, enabling corruption and inefficiency to persist.
News
Netizens Slam Lawmakers As They Sing Tinubu’s Anthem At Budget Presentation
Netizens slam lawmakers after they were sighted singing “On Your Mandate We Shall Stand” as President Bola Ahmed Tinubu took the stage to present the 2025 national budget.
The incident, which is in a viral video clip, showed the lawmakers singing the song, which has become synonymous with Tinubu’s political supporters.
The gesture, however, has ignited outrage among Nigerians, who questioned its appropriateness in light of the country’s current economic challenges.
Many critics took to social media to express their disappointment, describing the act as insensitive and unprofessional. They argued that lawmakers should focus on addressing pressing national issues, such as a inflation, unemployment, and hardship, rather than engaging in political theatrics with Tinubu during a crucial budget session.
“What kind of leadership did we vote for? Instead of scrutinizing the budget and ensuring accountability, they’re busy singing praises,” one commenter wrote.
Others questioned the mandate the lawmakers you were celebrating, with some accusing them of being disconnected from the realities faced by ordinary Nigerians. “What mandate are they standing on when the citizens are struggling to make ends meet?” another critic remarked.
The 2025 budget presentation, meant to outline the government’s financial plans and priorities for the year, has now been overshadowed by this controversy, with many calling for lawmakers to prioritize governance over partisan loyalty.
Read some netizens’ reactions as lawmakers sings for Tinubu during budget presentation;
@emeka: This is really problematic 🤣🤣
@agwai: This is the reason the president don’t do well in Nigeria because the people around him feed him with lies. And praise him when things is not good. Just clapping
@abyusuf: The lawmaker’s rendition of “On Your Mandate” should serve as a wake-up call, reminding us that it’s time to take a closer look at the people we’ve elected to represent us.
@danleety: I now believe there’s serious disconnect between the lawmakers and their constituents.
News
Tax Reforms: Those criticising it lack knowledge -Akpabio
The Senate President, Godswill Akpabio, has flayed critics of President Bola Tinubu’s tax reforms as lacking an understanding of what the initiatives were truly about.
Akpabio disclosed this during his remarks at the presentation of the 2025 budget estimate by President Tinubu to a joint session of the National Assembly on Wednesday.
He said, “Your Excellency, we commend you on your groundbreaking tax reform initiative. The four tax reform bills—the Joint Revenue Board of Nigeria (Establishment) Bill, 2024; Nigeria Revenue Service (Establishment) Bill, 2024; Nigeria Tax Administration Bill, 2024; and Nigeria Tax Bill, 2024—represent a monumental shift in our fiscal landscape.
It is disheartening that those who have not taken the time to understand these bills are the loudest critics. I urge all Nigerians, especially those in public office, to engage with these vital reforms thoughtfully. This initiative marks the first comprehensive tax reform since Nigeria’s independence, presenting a transformative opportunity for rejuvenating small and medium enterprises and enhancing the livelihoods of ordinary Nigerians.
“These reforms will not only improve Nigeria’s revenue profile but also create a more conducive and internationally competitive business environment, transforming our tax system to support sustainable development.”
News
Tinubu presents N47.9trn 2025 Resurrection Budget
Defence and insecurity , infrastructure, health and education were some of the sectors with high allocations in the N47.9tn Budget Proposal presented by President Bola Tinubu before a joint session of the National Assembly on Wednesday afternoon.
“It is with great pleasure that I lay before this distinguished joint session of the National Assembly, the 2025 Budget of the National Assembly of Nigeria titled, ‘The Resurrection Budget’ security peace, building prosperity,” Tinubu said as he concluded his 30-minute speech at 1:10pm on Wednesday.
Earlier in his presentation, the President listed some of the highlights of the budget as defence and security – N4.91tn, infrastructure – N4.06tn, health – N2.4tn, education – N3.5tn, among others.
He expressed commitment to economic renewal, thanking all Nigerians for embarking on the journey of reform and transformation in the last 18 months together.
The President said the economy is responding to stimulus and that his government would continue to take the right steps for economic progress. “The reforms yielding results, no reversals,” he said.
Tinubu stressed that food security is non-negotiable, adding that the government is taking steps to ensure Nigerians feed and not go to bed hungry.
Tinubu said, “Our 2025 is not just another statement of projected government revenue and expenditure; it is one that calls for action.
It is disheartening that those who have not taken the time to understand these bills are the loudest critics. I urge all Nigerians, especially those in public office, to engage with these vital reforms thoughtfully. This initiative marks the first comprehensive tax reform since Nigeria’s independence, presenting a transformative opportunity for rejuvenating small and medium enterprises and enhancing the livelihoods of ordinary Nigerians.
“These reforms will not only improve Nigeria’s revenue profile but also create a more conducive and internationally competitive business environment, transforming our tax system to support sustainable development.”
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