ELEPHANT IN THE ROOM: IMPLICATIONS OF FINANCIAL CORRUPTION ON POLITICAL AND SOCIAL DEVELOPMENT OF NIGERIA.

Abstract

Nigeria with evidence of abundant human and natural resources would have been a developed, first world country if not for corruption. The country has been exporting crude oil since late 1950’s when oil was first discovered in its shores. It produces and exports averagely 2.2 million barrels per day and makes billions of dollars in rent yearly. Yet it is still one of the poorest nations in the world and has been described as the poor capital of the world. This paper therefore examined the impact of the most notorious form of corruption in the country-financial corruption on the political and social development of the nation. Qualitative and descriptive approaches of study were utilized making use primarily of secondary sources to generate data that was content analyzed. The paper found out that financial corruption has impacted negatively on Nigeria’s political and social development bringing about unreliable elections that cast illegitimacy status on governments that emerge from election outcomes and dilapidated social infrastructures like death traps called roads scattered everywhere in the country. The paper recommends for the setup of special corruption tribunals that will swiftly deal with cases of corruption and serve as deterrent to citizens that hope to indulge in such ills.