Skip to main content

Finance Minister Kemi Adeosun Reveal Why Corruption is So Endemic in Nigeria

Posted By:Ayopopula

Finance Minister Kemi Adeosun Reveal Why Corruption is So Endemic in Nigeria


Kemi Adeosun

Kemi Adeosun, Nigeria’s Minister of Finance, Tuesday, said high level corruption was endemic in Nigeria because it was too easy for public funds to be looted, Premium Times reports.
 
Speaking at a conference organised by the Presidential Advisory Committee Against Corruption, PACAC, in collaboration with the Ministries of Justice and Foreign Affairs, Mrs. Adeosun said the Federal Government was working towards blocking avenues for looting of public treasury.
 
She added that measures are also being put in place to make it harder for looters to hide stolen funds abroad.
 
Speaking on the theme “Practical steps to stopping illicit financial flows”, the minister the government would also improve tax administration to facilitate compliance and prevent looting.
 
“We are taking steps to improve tax administration, to improve compliance and to generally make it a little more difficult for people to loot the treasury,” she said.
 
“My experience from the little time I’ve spent as a minister is that it’s far too easy to do these things in Nigeria, and we’ve got to make it much more difficult.”
 
Mrs. Adeosun said it was better to prevent looting than to recover stolen funds, which she described as difficult.
 
“From the Ministry of Finance perspective, our view is that prevention is better than cure. Recovering money is exciting but it’s difficult. It takes years.
 
“We’re still battling to recover money that was looted from Nigeria 20 years ago. So my perspective as Minister of Finance and as an accountant is: how do we block the money getting out in the first place?
 
“How do we strengthen our controls? How do we create the early warning systems that tell us to flag certain transactions? Let’s stop the money going out; let’s stop the loss, and then we can work on recovery,” she said.
 
According to the minister, Nigeria could have achieved most of its development goals if public finds had been better utilised.
 
She said, “There’s a saying that you can’t miss what you’ve never had.
 
“But when we see our crumbling infrastructure, we are missing what we never had.
 
“We are missing the road, the power, the capital projects that could have been funded with money that has left our shores illegally, or money that is concealed within the country equally illegally.”

Comments

Post a Comment

Popular posts from this blog

See The Staggering Number of Candidates Who Sat Down For JAMB According to JAMB, about 1.14m candidates sat for the UTME in 4 days The Joint Admissions and Matriculation Board (JAMB) has conducted Computer Based Test (CBT) for 1,144,198 candidates since the test began on Saturday.   JAMB’s Head of Information and Media, Dr Fabian Benjamin, told the News Agency of Nigeria (NAN) on Wednesday in Abuja that results were being released within 24 hours of completion of the test.   NAN reports that CBT is the mode JAMB is conducting its Unified Tertiary Matriculation Examination (UTME). A total 1,736,571 candidates registered for the 2017 UTME taking place in 642 centres in the country. Benjamin advised candidates to check their results in their electronic mail boxes or JAMB portal.   “We have sent results to the candidates’ respective e-mail boxes. “If it is not there, they should check on the portal. “Saturday and Monday examination results are out, ...
Post a Comment
Read more
Important Things To Look For When Booking A Hotel Room with A.J Easy-link Travelers/Hotel Reservations. Staying at a good hotel when you travel really can make a big difference to your travel experience. And the more time you spend traveling, the pickier you get about the hotels you decide to book. So before you book your next trip, A.J Easy-link Travelers/Hotel Reservations .  five things to check out for a perfect hotel stay and a perfect hotel room. A comfortable bed One of the first things that guests test when they arrive their hotel room is the bed. Nothing beats a large, comfortable bed that just makes you want to stay in your hotel room all day. And it’s not just the bed. The pillows and blankets can make a huge difference as well. Friendly hotel staff Hotel staff friendliness plays an important role in guest satisfaction. It makes guests feel welcome and part of the group. Unfortunately, in certain hotels, hotel workers are not really fri...
Post a Comment
Read more
Premier League 2017/2018 Fixtures Released (See Full Fixtures) Posted By:Ayopopula↔Leave a comment Premier League fixtures 2017/18 released  – CHELSEA kick-start their title defence at home to Burnley on the first day of the new Premier League season. The fixtures computer has thrown up some mouth-watering clashes to whet fans’ appetites for the 2017/18 campaign. Manchester   United  host West Ham, Arsenal welcome Leicester and Man City travel to new-boys Brighton. Meanwhile, Tottenham visit Newcastle on their their top-flight comeback, and Liverpool face a trip to Watford on day one. It could be a bumpy start for play-off winners Huddersfield, who travel to Crystal Palace, while Everton get started at Goodison Park against Stoke. Southampton’s campaign begins in front of their own supporters against  Swansea , and West Brom take on Bournemouth at the Hawthorns. https://twitter.com/premierleague/status/874899458626027522/photo/1 https://tw...
Post a Comment
Read more