Cloudy Weather Report Ramallah, Palestine +4°C, Cloudy

Latest News

View more

Pastor Commands Congregants to eat Cockroaches (PHOTOS)

Controversial Pastor Penuel Mnguni of End Times Disciples Ministries is in the news again.  The controversial pastor who is known as ‘Snake Pastor’, an appellation he

CAN 'Endorses' Fayose For 2019 Presidential Election

The Christian Association of Nigeria (CAN) has written a letter to Governor Ayodele Fayose of Ekiti State on his 2019 presidential ambition and charged him

Trend watch: Chic ways ladies are wearing shirts now

Shirts have been switched up fierce and they make bold style statements nowadays. Shirt come in super chic and stylish designs now you'd have to do

Jide Tinubu’s death, huge loss to Nigeria – Obaseki

The Governor of Edo State, Mr Godwin Obaseki, has commiserated with the national leader of the All Progressives Congress and former Governor of Lagos State,

I needed money for my father’s drugs—Illegal bunkerer

By Chioma Onuegbu Uyo—One of the suspects arrested by the Nigerian Navy Ship, NNS Jubilee Ikot Abasi, Ikot Abasi, Akwa Ibom State, with a vehicle loaded

EFCC’ll continue to lose graft cases, unless — Zakari

Mr. Muhammed Zakari is a graduate of the Bayero University, Kano and former chairman of the Nigerian Bar Association, NBA, Suleja branch. He is the

Worth Reading

Best Response Ever to the Age-old Question - "What Will You Do If Your Partner Denies Paternity?"

Best Response Ever to the Age-old Question - "What Will You Do If Your Partner Denies Paternity?" Watch and share ...after you laugh!

UN Award to Gov. Wike Is a Scam – Rivers APC

Following obvious curiosity that is trailing a reported United Nations (UN)-backed award under the platform of Sustainable Cities and Human Settlements Awards (SCAHSA) and inquiries

Flex Chino Ft Garros - Ikebe

BD1 Nation Entertainment Presents the first song from their label for their number singer Flex Chino. Flex Chino drops the hottest new song of 2017 titled

Columnists

View more

Africa

View more
Home | News |

Okonjo-Iweala: Ex-minister reveals how FG can defeat corruption

Okonjo-Iweala: Ex-minister reveals how FG can defeat corruption Dr. Ngozi Okonjo-Iweala
Former Minister of Finance, Dr. Ngozi Okonjo-Iweala, has revealed that the best way for the Federal Government to properly tackle corruption is to strengthen the country's institutions.

The former minister made this disclosure during a panel discussion at the World Bank/IMF headquarters in Washington DC, United States on Sunday, October 15, 2017.

She said for any government to effectively fight corruption, it must strengthen its weak institutions, provide incentives against the act, and employ technologies that will cripple it.

She added that the government must patiently build its institutions to combat the scourge of corruption as it takes a lot of time.

While addressing the subject of "Fighting Corruption", she said, "In terms of the fight against corruption, incentives and institutions matter. My experience has been that people in one place are no more corrupt than the other; but if the institutions are not there or they are very weak, then the incentive to be corrupt is stronger.

"So, if you have a financial management system that is still cash-based, you open the door for people to manipulate or be able to intrude into the system.

"If you can introduce more technology, if you can have systems and processes that guide government, if you can make e-procurement, the more of that you can build institutionally, and strengthen the institutions and then have the institutions of the rule of law alongside that, I think the more you will be able to fight corruption. We really need a systematic plan about fighting corruption.

"The bid stories about scandals about corruption are really what people want to read. But actually, fighting corruption and putting those systems in place are very 'unsexy'; it takes time.

"It took us 10 years to try and build the Government Integrated Financial Management System in Nigeria, to get way from cash-based transactions.

"When you say the Government Integrated Financial Management System, it is so boring; nobody wants to hear. But that is what needs to be done. So, that is my one mantra. I think it is all about strengthening institutions.

"Now, coming to the private sector; yes, the private sector is part of the problem; there is no doubt about it. The World Economic Forum estimated that bribery adds about 10 per cent to the cost of doing business. So, they are undoubtedly part of it. But I also want to say that the private sector is beginning to see that they are part of the solution, and that the world has changed.

"There are responsible private sector people and organisations that want to be part of the solution and part of that change." 

Managing Director of the International Monetary Fund, Christine Lagarde, also advised Nigeria, and other top countries fighting corruption to use tools that can help reduce procurement costs by about 60%.

Disclaimer: Opinions expressed here are those of the writers and do not reflect those of Nigeriadailynews.com. Nigeriadailynews.com accepts no responsibility legal or otherwise for their accuracy of content. Please report any inappropriate content to us, and we will evaluate it as a matter of priority.

Related Articles

Immortalize Ekwueme, Senate urges Federal Government

The Senate on Tuesday called on the federal government to immortalise the late former Vice President, Alex Ekwueme, by naming the Federal Polytechnic, Oko, or

Breaking: President Buhari inaugurates committee to audit recovered loot

President Muhammadu Buhari on Wednesday inaugurated a three-member committee to audit all assets recovered by relevant government agencies. Members of the committee are Olufemi Lijadu, Chinyere

FG rains Naira on Victorious Female Basketball Team (SEE HOW MUCH EACH PLAYER GOT) 

Captain of the Women’s basketball team, Aisha Mohammed has confirmed receipt of the cash reward from the FG for their 2017 FIBA Afrobasket Women’s victory.

Most Watched Videos

View all posts

Man Fatally Shoots Girlfriend Of 10 Years After She Left Him. Photos/Video

A chilling video has been released online which shows the moment a woman is executed in broad daylight by her ex-lover who fired five bullets

Couple with 'miracle' pregnancy in moving marriage proposal

Carina Marshall and her partner Kieran Morris were told before Christmas that they had lost their baby, and discovered recently that there was a surviving

Sanders supporter leaves her husband after he votes for Trump

Sanders supporter Gayle McCormick left her husband Bill after 22 years of marriage after he voted for Trump.

Arrests made in Dagestan on suspicion future ISIS attacks in Moscow

Seven people arrested in Dagestan on suspicion future ISIS attacks in Moscow during New Year's Eve.

Burning calories? Alice Hart-Davies tries out Zerofat cycling

Journalist and fitness guru Alice Hart-Davis tries out the Zerofat, which promises to help users shed pounds by having them burn calories under infrared light

Most Read News

View all posts

Top facts you should know applying for NYSC exemption letter

Students who have completed their higher institution and received an academic degree have the right to participate in the NYSC program for one year. It

Breaking News: Kaduna Education Commissioner, Prof. Nok Is Dead

by Seun 2 hours ago2 The Educational sector in the North-Western state of Kaduna has been plunged in a sad mood as its commissioner reportedly

Finance: Walmart beats and raises guidance as online growth explodes (WMT)

Finance Walmart beats and raises guidance as online growth explodes (WMT) Published: 57 minutes ago , Refreshed: 22 minutes ago Jonathan Garber Walmart sees fiscal year 2018 adjusted earnings

Ikoyi, VI, Lekki to experience power outage -EKEDC

The Eko Electricity Distribution (EKEDC) on Tuesday announced an impending power outage that would affect consumers in Lagos Island, Victoria Island, Ikoyi, Lekki, Ajah, Ibeju-Lekki

Politics: 'Any Russians? Anybody been to Russia?': Jeff Sessions jokes to crowd during speech

Politics 'Any Russians? Anybody been to Russia?': Jeff Sessions jokes to crowd during speech Published: 00:37 , Refreshed: 00:44 David Choi Attorney General Jeff Sessions cracked a few jokes

Most Watched Movies

Who Do I Love

Chantel is confused about who truly loves her between Rick, her rich boyfriend in the United States and David, a lowly house painter. This made

Ugly Intimidation 2

She is the Governor's daughter and she is having a secret affair with their cook. Her best friend finds out and goes to taste the

cron