Cost of Governance in Nigeria: In Whose Interest?
A research by CU Faculty suggests a change in government economic policy for the benefit of the majority
When, in 2014, a group of Covenant University faculty members set out to conduct a research entitled, ‘Cost of Governance in Nigeria: In Whose Interest?’ little did they know that, in another couple of years, the country’s economy would be entering a recession.
Worried that cost of governance in Nigeria had become a challenge to development and concern to practitioners and scholars alike in the field of business and social science research, Francis Iyoha, a Professor of Accounting; Daniel Gberevbie, a Professor of Public Administration; Dr. Charles Iruonagbe and Dr. Matthew Egharevba, both of the Sociology Department, College of Business and Social Sciences; embarked on a study to examine the causes of high cost of governance in Nigeria. The study found out that the high cost of governance in the country is in the interest of the ruling class, arising from their unethical behaviour – corrupt practices and the poor management of public resources.
The study looks at what is obtainable in other countries to draw the attention of people or the policy makers in Nigeria to it; that in developed countries, what will sustain a country is the level of infrastructural development that is captured under capital expenditure and not recurrent expenditure, where you can be spending......more