Nigeria could lose up to 37 per cent of her Gross Domestic Products (GDP) to corruption by 2030 unless it overhauled her transparency and accountability mechanism, a 2024 report by Agora policy revealed.
It said if corruption scourge is not dealt with immediately by strengthening key enforcements, it would erode some gains recorded in accountability and transparency initiative, the group said in a report obtained by New Telegraph.
Agora policy document, which referenced a report by the Auditor General of the Federation (AuGF) in relation to the outcome of auditing of Ministries Departments and Agencies (MDAs), noted that there was still prevalence of gaps in MDAs finance statement.
“Notwithstanding the advantage of the routine audit and public accounts oversight mechanisms in promoting accountability and mitigating corruption in public service, the experience at both federal and state level is that many MDAs are in default as regards complying with the tradition of submitting their annual financial statements to the AuGF and their counterparts in the states.
“In 2020, the AuGF reported that 65 MDAs had not submitted their financial statements for audit since January 12, 2017.
A number of reasons can be deduced for such a level of non- compliance: first is that while the Auditor – General of the federation has a responsibility to eradicate corruption from Nigeria’s public finance system, this responsibility is limited to the extent that the country’s audit law permits,” the report quoted AuGF.
It added that Nigeria operated an audit law/ordinance enacted in 1956, saying “changes in structure, size and type of government spanning several decades have encumbered its implementation, requiring a repeal and fresh law that guarantees independence and powers to sanction for the AuGF in line with the established standard of the international organization of supreme audit institution (SAI).
“Without the powers to sanction, the AuGF is more or less a toothless bulldog. The second reason is the associated challenges of understaffing and compensation.
These two problems affect the depth and quality of the OAuGF’s work, especially in terms of the desired thoroughness. There are indications that undue personal and political motives are gradually crowding out the professionalism expected from the public accounts audit process,” it said.
The report notes that corruption hinders development and creates cost for the country. Corruption, according to the report, hinders development and costs for all in Nigeria, noting that despite the surge in anti-corruption measures since 1999, and some clear progress, the desired impact on governance and development have been limited.
The report examined 16 different accountability measures in Nigeria within four clusters, which include norm and values, open discourse; public financial management and sanctions and enforcements.
To frontally tackle corruption and enforce accountability in the public sector, the report suggests among others, an enactment of legislation for protection of whistleblowers and to grant public access to assets declared.
It called for the strengthening of the Office of the Auditor General of the Federation with new audit law; improve budgetary provisions for enforcement agencies and hold them accountable, in addition to conduct rigorous background checks on the boards, leadership, and staff of MDAs.
Other key recommendations to tackle corruption outlined in the report are deepening collaboration across tiers and arms of government to ensure a more coordinated approach to fighting corruption.
It suggested the launch of a comprehensive national value re-orientation campaign, anchored on evidence and behavioural insights and the adoption of an allof-society approach, ensuring a united and coordinated front against corruption by government, civil society, citizens and development partners.
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