Yesterday, Monday, August 24 during the conference of Nigerian Bar Association (NBA) in abuja. The vice president, Yemi Osinbajo, explained why the country was suffering tremendous losses in public revenue.
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.
Yemi Osinbajo “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.