Nigeria: It's Legalised Looting!

Nigeria: It's Legalised Looting!

Written by Elombah.com    

Sunday, 19 December 2010 23:35 

Nigerians have suddenly woken up to the grim reality that less than one per cent out of the over 150 million Nigerians have for a long time been enjoying over 75 per cent of total National income. But this is not new information, but on this occassion, the warning is sounding from unexpected places.

First call, on Friday, 26 November 2010, The Governor of the Central Bank, Mallam Lamido Sanusi, said that more than 25 per cent of Nigeria's annual total overhead cost is expended on lawmakers. Then on 17 December 2010, Speaker, House of Representatives, Dimeji Bankole, countered that the first tier of government expends about 50 per cent of the nation’s budget on itself.

It is astonishing therefore that in the past eight years, the Federal Government has been allocating over 75 per cent of the country’s annual budget to recurrent expenditure on the Executive and Legislature alone.