Corruption, privatisation cause massive losses in public revenue

chika ebuzor

August 25, 2015 7:53 AM

The Vice President, Prof. Yemi Osinbajo, said on Monday that official corruption and privatization of public enterprises led to massive losses in public revenue.

Prof. Yemi Osinbajo.

He said this while delivering a key speech at the 55th Annual Conference of the Nigerian Bar Association (NBA) in Abuja.

He said the penchant for graft was high and Nigerian spent a lot of time meant for creativity to pursue wealth.

"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.’’

The vice president urged lawyers to find means of shedding the public garb that justice could be bought to remove the legal profession from all sorts of compromise.

Osinbajo said that enforcing contracts and the general area of dispute resolution in the country were bugged down by ''judicial process that is slow, burdensome and notoriously open to dilatory tactics.

chika ebuzor