Why We Suffer Losses In Public Revenue – Osinbajo

Nigeria’s vice president, Yemi Osinbajo, on Monday, August 24, explained why the country was suffering tremendous losses in public revenue.

Osinbajo-NBA

The politician shared his point of view when he spoke in the course of the 55th Annual Conference of the Nigerian Bar Association (NBA) in Abuja.

According to PM News, identifying the major challenges rocking the system, Osibanjo said:

“Official corruption and privatization of public resources have caused massive losses in public revenue. Indeed the truth is stranger than fiction in this matter of corruption in the public service.

“Dysfunctional government bureaucracies, waste and misallocation of resources. A great deal of talent and enterprise that should focus on creativity and innovation is concentrated in wealth seeking activities.”

He also lamented that enforcing contracts and the general area of dispute resolution were bogged down by slow and “open to dilatory tactics” judicial process.

“Perhaps even more damaging to attracting investments is the largely and compelling narrative that justice can be purchased. This is a major problem of perception in our justice system and of cause a major problem of bringing business in the country.

“Even local investment suffers when there is a sense that the justice system can be compromised.”

In conclusion, Osinbajo stressed the importance of maintaining integrity in the judicial system to ensure effective anti-graft war.

President Muhammadu Buhari, who opened the conference on Sunday, urged the lawyers not to cover up moves of those involved in corruption crimes adding that exposing all types of illegal activities was the only way to bring prosperity to Nigeria.

Meanwhile Buhari yesterday ordered the set-up of an investigative committee on the procurement of hardware and munitions in the Armed Forces from 2007 till date. The body is to identify irregularities and make recommendations for streamlining the procurement process.