Nigeria Loses Billions Of Dollars Annually To Corruption – Speaker Abbas

The Speaker of the House of Representatives, Hon Abbas Tajudeen, has said billions of dollars are lost annually to corrupt practices in the country, depriving communities of essential services and perpetuating poverty and inequality.

According to him, corruption profoundly undermines Nigeria’s development as it drains resources that could be channelled towards building infrastructure, creating jobs, improving education, and providing healthcare.

Abbas, who stated this on Monday at an International Anti-corruption Day at the National Assembly Complex in Abuja, said corruption also erodes the social fabric by creating inequities that further marginalise the most vulnerable.

Corruption, represented by the Deputy Minority Whip, Hon. George Ozodinobi, destroys trust in public institutions, leading to widespread disillusionment and a weakened social contract between the government and the governed.

He said the current House of Representatives has prioritised anti-corruption in its legislative agenda, reflecting our unwavering commitment to addressing this issue comprehensively.

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The speaker said the Green Chamber reviewed existing anti-corruption laws to strengthen enforcement mechanisms and close any loopholes enabling corrupt practices.

“The Nigerian National Assembly has made significant strides in addressing corruption through legislative efforts aimed at institutional reform and accountability.

“We have passed critical laws such as the Nigerian Financial Intelligence Unit (NFIU) Act, which strengthens our capacity to track illicit financial flows, and the Proceeds of Crime Act, which ensures effective recovery and management of assets acquired through corrupt means.”

Another landmark reform is the Companies and Allied Matters Act (CAMA) amendment, which enhances transparency in corporate governance, thereby curbing avenues for corruption in the private sector,“ he added.