Corruption engulfs 75 percent of FG, state, LG budgets

Nigeria loses 70 percent to 75 percent of its annual budget at all levels to corruption.

The Chartered Institute of Forensic and Investigative Professionals of Nigeria (CIFIPN) stated this at a press briefing on the weekend.

According to CIFIPN president, Dr Enape Victoria Ayishetu, the loopholes would continue if the right mechanisms and cogent are not in place.

This is the reason, she said, those budget ideas hardly translate to the actual implementation of the government expenditure framework.

She noted the larger chunk of Nigeria’s resources always end up as products of fraud, corruption and cybercrime.

“This is a travesty of rational realism as the country cannot justify how the huge sums, we see every year in the national budget are not often matched with a commensurate measure of realistic budget performance,” Ayishetu said.

She added fraud, corruption and cybercrimes “thrive” in Nigeria owing to a lack of investigation and prosecution of the crimes—that is forensic investigation.

So body urged President Muhammadu Buhari to sign the Chartered Institute of Forensic and Investigative Professionals Bill 2021.