Corruption has cost Nigeria over 500 billion dollars since Independence — MacsFarlane

From, Ene Asuquo, Calabar 

The Country Director, International Training, Research and Advocacy, MacFarlane Ejjah has said  related statistics has shown that due to corruption, the country has lost about 500 billion dollars since the last 60 years of its independence 

He said though the estimated financial cost of corruption is difficult to quantify accurately due to its concealed nature, various estimates has however provided insight into the enormity of the issue 

MacFarlane a member of Chatham House, London was a guest lecturer in a town hall meeting organized by Wadata Madia and Advocacy Center in Calabar (WAMAC), with the theme: ” Dynamics of the Fight Against Corruption; the Need for Citizens to Demand Accountability”.

He said in terms of specific cost, a 2023 report found out that roughly 1.26 billion US dollars representing 0.35,% of Nigeria GDP was paid in cash as bribes to public officials, stating that the data gives significant idea of the economic burden corruption has placed on the country 

He stated further that a report by Price Waterhouse Cooper (PWC) estimates that corruption could cost Nigeria 37%  of its GDP by 2030 if nothing is done to address it promptly 

He mentioned institutional enablers of corruption to include the judiciary; which he said that ineffective or biase system that fail to prosecute corruption cases, the legislature where lawmakers prioritize personal interest over National interest and the executive including the Presidents, Governors and even the ministers who abuse their powers or tolerate corruption 

In his remarks, the Executive Director WAMAC, Zubair Abdurra’uf Idris said the fight against corruption is not a solitary endeavor, but a collective responsibility that requires the active participation of citizens 

” We aim to create a platform for robust discussions, knowledge sharing and strategic development to strengthen our anti corruption efforts”.

“We acknowledge the far- reaching consequences of corruption on our nation’s development, economic growth,and social welfare. Corruption erodes trust, undermines institutions, and perpetuates inequality.”

The one day workshop had representatives from the youth groups, the media, the security agencies, civil society organizations and the representatives of Christian Association of Nigeria ,CAN.