The Nigerian economy can’t be better unless corruption is eradicated. Those managing the economy need to reduce the level of corruption to the barest minimum because corruption has become a cancer to the economy and nothing can be achieved under that situation. I read a recent news report in The PUNCH where it was noted that out of 600 federal agencies, only 60 of them whose revenue ran into trillions of naira between 2009 and 2012 remitted their revenue to the coffers of government. None of the agencies remitted 100% to the Central Bank of Nigeria, the highest they remitted was 2.71 per cent. The agencies included the NPA, CBN, NNPC and others and they claimed to have spent the revenue, as revealed to a committee of the House of Representatives. How do you then want the CBN to enforce the policy when the apex bank itself is not complying with the directive that all government agencies should remit all revenues, to avoid spending outside budgetary allocation. Funds which should have been used to service the National Budget, are being corruptly spent. The agencies hid money in the banks without remitting same to the consolidated revenue fund.
Johnson Alabi,
N5/2074 Bode Wasimi, Ibadan,
Oyo State .
+2348023026167.