Why is Nigeria’s economy in bad shape? The impact of corruption, waste and ostentation in governance is the direct cause of the crisis. The missing gap includes but is not limited to a lack of commitment to frugality in governance. For example, the purchase of SUVs at an average whopping cost of N200 million each for every member of the House of Representatives is the height of ostentation, insensitivity and irresponsibility in these austere times.
Eliminating corruption and ostentation should be prioritised over diversification to stimulate economic growth. Any intervention that does not address ridding the polity of corruption and the recovery of the stolen wealth and commitment to frugality in governance will be a futile exercise.
The press has vital information in its custody that could be used to recover the stolen wealth of Nigeria and save it from the debt. The Nigerian Guild of Editors could serve as the master stroke that could break the stranglehold of corruption on the economy. Editors and media executives must patriotically insist all the stolen wealth shared by corrupt politicians, past and present, must be recovered no matter whose ox is gored. Oil theft is sustained by corruption; the refineries are also affected. There won’t be a need for the Federal Government to seek fresh loans to fund the cash transfer to 15 million households, for instance, if we get serious with curbing corruption, ostentation and waste.
John R. Jimoh, Mowe, Ogun State
