Nigeria’s Vice President, Prof. Yemi Osinbajo, has said that grand corruption remained the most endemic obstacle stifling Nigeria’s development.
He described grand corruption as outright diversions of public funds by officials of government for private or personal use.
Making this known yesterday in Abuja at first plenary session of 24th Nigeria Economic Summit with a sub- title ” corruption and rule of law, zero tolerance”, moderated by the founding Dean, Blavatnik School of Government at Oxford University , Mrs. Ngaire Woods, Osinbajo said corruption in Nigeria attained alarming level prior to now.
This year NES theme is: “Poverty to prosperity: making governance and institutions work”.
The Vice President said there were other layers of corruption such as taking a percentage kickback from procurement services.
He said corrupt officials had built formidable contacts and financial war chest to frustrate their investigation and prosecution.
He said President Muhammadu Buhari’s administration was doing so much to tackle grand corruption and systemic corruption.
Osinbajo further noted that poverty situation has also become one of Nigeria’s biggest challenge in the last 30 years.
“By 2050, Nigeria will become the World’s third most populous nation and over 60 per cent of Nigeria’s population will be youth. High oil revenue does not translate to job creation because grand corruption is the biggest problem of Nigeria,” the VP added.
Asked by session moderator to name influential people that prevent prosecution of corruption, Osinbajo said: “I would like to refer to the Nigerian elite, and it’s probably not fair to be that broad, but practically, every segment, because people who have access to you, they could be political leaders, religious leaders, business leaders, whoever has access to you.
“We have a system where people just feel like, ‘why don’t you just give this guy a break?’ Which again is part of the problem. You don’t get one call, you get several calls.” Osinbajo said one of the most frustrating parts of the fight against corruption for him is the slow pace of prosecution.
However, he added that identify two conviction of former executive governors secured by the Federal Government has shown that the hand of justice may be slow, but it would eventually catch up.
The professor of law said reforms are important, and the Federal Government has embarked on a number of them, including the criminal justice reform, but the Federal Government cannot reform state judiciaries
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