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Cost of Governance in Nigeria: In Whose Interest?

Iyoha, F. O. and Gberevbie, D.E. and Iruonagbe, C. T. and Egharevba, M. E. (2015) Cost of Governance in Nigeria: In Whose Interest? International Journal of Social, Education, Economics and Management Engineering, 9 (1). pp. 245-252.

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ost of governance in Nigeria has become a challenge to development and concern to practitioners and scholars alike in the field of business and social science research. In the 2010 national budget of NGN4.6 trillion or USD28.75billion for instance, only a pantry sum of NGN1.8trillion or USD11.15billion was earmarked for capital expenditure. Similarly, in 2013, out of a total national budget of NGN4.92trillion or USD30.75billion, only the sum of NGN1.50trllion or USD9.38billion was voted for capital expenditure. Therefore, based on the data sourced from the Nigerian Office of Statistics, Central bank of Nigeria Statistical Bulletin as well as from the United Nations Development Programme, this study examined the causes of high cost of governance in Nigeria. It found out that the high cost of governance in the country is in the interest of the ruling class, arising from their unethical behaviour – corrupt practices and the poor management of public resources. As a result, the study recommends the need to intensify the war against corruption and mismanagement of public resources by government officials as possible solution to overcome the high cost of governance in Nigeria. This could be achieved by strengthening the constitutional powers of the various anti-corruption agencies in the area of arrest, investigation and prosecution of offenders without the interference of the executive arm of government either at the local, state or federal level.

Item Type: Article
Uncontrolled Keywords: Capital expenditure, Cost of governance, recurrent expenditure, unethical behaviour
Subjects: H Social Sciences > H Social Sciences (General)
H Social Sciences > HM Sociology
J Political Science > JA Political science (General)
Divisions: Faculty of Law, Arts and Social Sciences > School of Social Sciences
Depositing User: Mrs Hannah Akinwumi
Date Deposited: 19 Mar 2015 10:33
Last Modified: 19 Mar 2015 10:33

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