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Analysis of Oil Revenue and Economic Corruption in Nigeria

Received: 20 February 2018    Accepted: 09 March 2018    Published: 03 April 2018
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Abstract

Corruption is a pressing issue in Nigeria. President Muhammadu Buhari launched an anti-corruption drive after taking office in May, 2015. Corruption affects public finances, business investment as well as standard of living. Recent corruption scandals have highlighted the large sums that have been stolen and/or misappropriated. But little has been done to explore the dynamic effects of corruption as it affect the long run capacity of the country to achieve its potential. Economic corruption is a challenge internationally. To deal with it, we must investigate its causes. To do this, data from Nigeria for the period 1974-2012. It is revealed in the study that oil revenue and economic corruption in Nigeria are related. The study show that a 1% increase in oil revenue increase bribery, embezzlement and forgery in Nigeria by 15-43%. The study policies implications will be to enhance ways of reducing corruption and poverty so that the level of economic growth can be encouraging. That is the activities of the anti-corruption agencies in Nigeria such as the Economic and Financial Crime Commission (EFCC) and the Independent Corrupt Practices and related Offences Commission (ICPC) should be strengthened.

DOI 10.11648/j.ipa.20180201.11
Published in International and Public Affairs (Volume 2, Issue 1, March 2018)
Page(s) 1-10
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This is an Open Access article, distributed under the terms of the Creative Commons Attribution 4.0 International License (http://creativecommons.org/licenses/by/4.0/), which permits unrestricted use, distribution and reproduction in any medium or format, provided the original work is properly cited.

Copyright

Copyright © The Author(s), 2024. Published by Science Publishing Group

Keywords

Nigerian Economy, Oil Revenue, Economic Corruption, Government Expenditure

References
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Author Information
  • Department of Economics, Faculty of Social Sciences, Nigeria Defence Academy, Kaduna

  • Department of Economics, Faculty of Social Sciences, Nigeria Defence Academy, Kaduna

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  • APA Style

    Anfofum Alexander Abraham, Olure-Bank Adeyinka Michael. (2018). Analysis of Oil Revenue and Economic Corruption in Nigeria. International and Public Affairs, 2(1), 1-10. https://doi.org/10.11648/j.ipa.20180201.11

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    ACS Style

    Anfofum Alexander Abraham; Olure-Bank Adeyinka Michael. Analysis of Oil Revenue and Economic Corruption in Nigeria. Int. Public Aff. 2018, 2(1), 1-10. doi: 10.11648/j.ipa.20180201.11

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    AMA Style

    Anfofum Alexander Abraham, Olure-Bank Adeyinka Michael. Analysis of Oil Revenue and Economic Corruption in Nigeria. Int Public Aff. 2018;2(1):1-10. doi: 10.11648/j.ipa.20180201.11

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  • @article{10.11648/j.ipa.20180201.11,
      author = {Anfofum Alexander Abraham and Olure-Bank Adeyinka Michael},
      title = {Analysis of Oil Revenue and Economic Corruption in Nigeria},
      journal = {International and Public Affairs},
      volume = {2},
      number = {1},
      pages = {1-10},
      doi = {10.11648/j.ipa.20180201.11},
      url = {https://doi.org/10.11648/j.ipa.20180201.11},
      eprint = {https://download.sciencepg.com/pdf/10.11648.j.ipa.20180201.11},
      abstract = {Corruption is a pressing issue in Nigeria. President Muhammadu Buhari launched an anti-corruption drive after taking office in May, 2015. Corruption affects public finances, business investment as well as standard of living. Recent corruption scandals have highlighted the large sums that have been stolen and/or misappropriated. But little has been done to explore the dynamic effects of corruption as it affect the long run capacity of the country to achieve its potential. Economic corruption is a challenge internationally. To deal with it, we must investigate its causes. To do this, data from Nigeria for the period 1974-2012. It is revealed in the study that oil revenue and economic corruption in Nigeria are related. The study show that a 1% increase in oil revenue increase bribery, embezzlement and forgery in Nigeria by 15-43%. The study policies implications will be to enhance ways of reducing corruption and poverty so that the level of economic growth can be encouraging. That is the activities of the anti-corruption agencies in Nigeria such as the Economic and Financial Crime Commission (EFCC) and the Independent Corrupt Practices and related Offences Commission (ICPC) should be strengthened.},
     year = {2018}
    }
    

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    AB  - Corruption is a pressing issue in Nigeria. President Muhammadu Buhari launched an anti-corruption drive after taking office in May, 2015. Corruption affects public finances, business investment as well as standard of living. Recent corruption scandals have highlighted the large sums that have been stolen and/or misappropriated. But little has been done to explore the dynamic effects of corruption as it affect the long run capacity of the country to achieve its potential. Economic corruption is a challenge internationally. To deal with it, we must investigate its causes. To do this, data from Nigeria for the period 1974-2012. It is revealed in the study that oil revenue and economic corruption in Nigeria are related. The study show that a 1% increase in oil revenue increase bribery, embezzlement and forgery in Nigeria by 15-43%. The study policies implications will be to enhance ways of reducing corruption and poverty so that the level of economic growth can be encouraging. That is the activities of the anti-corruption agencies in Nigeria such as the Economic and Financial Crime Commission (EFCC) and the Independent Corrupt Practices and related Offences Commission (ICPC) should be strengthened.
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