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CORRUPTION AND ITS EFFECT ON NATIONAL DEVELOPMENT: A CASE STUDY OF NIGERIAN NATIONAL PETROLEUM CORPORATION (2000-2018)

The major objective of this study is to examine the effects of financial corruption on national development in Nigeria (1999-2017). The continuous outcry of the citizens on the evils of corruption and its consequences on national development motivated this study. Data were drawn chiefly from primary sources and subjected to statistical computations of scaling and percentages. The major findings of the study revealed that to a large extent corruption leads to poverty in Nigeria. Also to a large extent increase in oil revenues do not translate to poverty reduction in Nigeria. The study equally, found that to a large extent the oil industry causes underdevelopment and increase poverty in Nigeria. This study therefore advances that stiffer sanctions must be imposed on those found guilty of corrupt practices including death sentences. This will serve as deterrent to others. Since corruption is a relationship of ‘give and take’, both the giver and the receiver must be prosecuted as well. There is the need to strengthen institutions such as the civil service, parliament and the judiciary, which in turn will create interlocking systems of oversight and self-regulation. All of these institutions have to be free of corruption themselves and active players in the fight against corruption and good governance should be entrenched.