STATISTICAL ANALYSIS OF NIGERIA LOOTED TREASURY AND ITS IMPLICATIONS ON THE ECONOMY AND CITIZENRY

Adenegan, K. E. and Abaekere, M. S.

 

Department of Mathematics, Adeyemi College of Education, Ondo

Email: adeneganke@aceondo.edu.ng, adenegankehinde@gmail.com

 

ABSTRACT

Corruption is a cankerworm that has eaten deep into Nigerian system which requires urgent action and attention by all and sundry. Reports of government looted treasury are on the increase in Nigerian dailies. This is becoming alarming, disturbing and appalling. This research paper carried a statistical survey of some selected cases of corruption on looted treasury in Nigeria and the implications on the citizens and the economy at large. Statistical analysis was done through collation of some prosecuted cases of corruption in Nigeria. Questionnaire was administered to 100 respondents which were randomly selected from three major tribes in Nigeria. The result was analyzed using t-test statistical instrument. Findings shows that corruption may continue to flourish if political offices are made permanent ventures and if our culture continues to encourage display of affluence without any regard as to how wealth is acquired; investors tend to avoid investing in a corrupt economy whichusually bring about poor economic development of the nation. Furthermore, the effect also brings about reduction in life expectancy of citizens as funds appropriated for their upkeep in terms of health, infrastructures, security, education etc. are grossly mismanaged. It was recommended that society should encourage diligence, sincerity and transparency at the expense of celebrating ill-gotten wealthy individuals; Anti-graft agencies such as Economic and Financial Crime Commission (EFCC), Independent Corrupt Practices and other related Offences Commission (ICPC), Department of state security services (DSSS), Police, etc. should be strengthened and made strictly independent in order to undertake genuine prosecution of treasury looted cases in the country.