NIGERIANS know what to expect when they approach police checkpoints. “How can you appreciate me?” ask officers, AK-47s dangling languidly from their shoulders. “Happy weekend!” say security guards from the early hours of Friday morning. Or simply: “What do you have for me?” Nigeria, as David Cameron, Britain’s former prime minister, pointed out, is “fantastically corrupt”. In Transparency International’s Corruption Perceptions Index, it is 31st from the bottom. Nigeria’s president, Muhammadu Buhari, a former military ruler, wants to change this. How is he doing?
Few doubt Mr Buhari’s intent. But the task he has set himself is Herculean. Successive military and civilian governments have siphoned money from the vast revenues of their oil industry. Many locals think the problem reached unprecedented heights under the previous administration of Goodluck Jonathan. In March an official audit found that the state-owned oil company withheld over $25 billion from the public purse between 2011 and 2015. Meanwhile cartels involving government officials, militants and oil employees stole tens of thousands of barrels of crude each day. A savings account was drained, although oil prices were high for most Mr Jonathan’s tenure. And money which was supposed to arm soldiers against Boko Haram insurgents was squandered: the vice-president recently estimated that the previous regime diverted $15 billion through dodgy arms contracts.


Since Mr Buhari came to power in May 2015, dozens of public officials and their cronies have been arrested by a beefed-up Economic and Financial Crimes Commission (EFCC). The most famous of those, the former national security adviser Sambo Dasuki, is charged with dishing out $2 billion worth of fake contracts for helicopters, aeroplanes and ammunition. Under new management, the Nigerian National Petroleum Corporation has grown slightly less opaque: it now publishes monthly financial reports. Shady “swap” contracts which trade crude oil for refined petrol have been renegotiated and the worst of the last regime’s oil deals are under scrutiny. The chairman of one local company, Atlantic Energy, was arrested last year, shortly after the ex-petroleum minister was arrested in London. In all, the government claims to be recovering about $10 billion of stolen assets (though most of those will be tied up in court for years). It has also cancelled a fuel-subsidy racket which, at its peak, cost Nigerians $14 billion a year.
Mr Buhari’s government has been learning from other crusading countries, such as Georgia. But not everyone is impressed. His political opponents, who ruled Nigeria for 16 years until 2015, call the campaign a witch-hunt. There are reasons to doubt the capacity of the anti-corruption agency—and of the courts—to hold the powerful to account. The EFCC is yet to send down any of its most influential adversaries, though it is splurging on training for prosecutors. Most government agencies, including the one that collects taxes, do not make their budgets public. Nor do most state and local governments, which suck up about half of public revenues. In an effort to fix this, a tenacious finance minister, Kemi Adeosun, has told skint governors that they must make their finances public before they receive a second federal bailout. She has struck thousands of ghost workers off the public payroll. Her “treasury single account” may be the biggest coup of all. It replaced a labyrinth of government piggy banks, giving Nigeria more control of its earnings. Financiers reckon that it could serve as a lesson to others in West Africa as well. The continent’s most famously corrupt country might yet teach others a thing or two about transparency.



http://www.economist.com/blogs/economist-explains/2016/07/economist-explains-13

Ok

Our Articulate, Reliable,Responsible,Profesional, Accountable & Dependable Adekemi Adeosun.

Sai Baba
God Bless Nigeria

The same economist that once said Kemi Adeosun looks like an househelp to imf president has suddenly turned around to say she's tenacious.

Issorait

hahahahahahhaha zombies will always be zombies. see how buari govt is desperate for international endorcement why Abi na to secure international loan how much buari dullard bribe d economist to promote him govt sef
dis article na paid article by buari govt.

Don't care what people say about her....all I know is that God bless kemi adeosun.....
Her predecessor supervised the sharing of our common wealth.

Laughable!
Confused set of people looking for a way to credit themselves when there is none.
I will not blame Adeosun, I will blame Zombie and Islamic terrorists.

GudluckIBB:
The same economist that once said Kemi Adeosun looks like an househelp to imf president has suddenly turned around to say she's tenacious.
Issorait

Such is life o. I love the way she's focused on her job. She ignored all the jabs and attacks from people who never believed in her ability and today, the same people who once said she's poorly qualified for the job are singing her praises.

This article by the economist is a lesson to people who are under attack for no just reason. Just stay focus, don't be distracted and remain dedicated to whatever you are doing. When the result start flowing in, your worst enemy will turn around and acknowledge your competence.

seunmsg:



Such is life o. I love the way she's focused on her job. She ignored all the jabs and attacks from people who never believed in her ability and today, the same people who once said she's poorly qualified for the job are singing her praises.

This article by the economist is a lesson to people who are under attack for no just reason. Just stay focus, don't be distracted and remain dedicated to whatever you are doing. When the result start flowing in, your worst enemy will turn around and acknowledge your competence.

Party politics apart you really believe Kemi Adeseoun is doing a good job? Are you for real?

cktheluckyman:

Party politics apart you really believe Kemi Adeseoun is doing a good job? Are you for real?

Sincerely, she's doing a great job as finance minister.

seunmsg:



Such is life o. I love the way she's focused on her job. She ignored all the jabs and attacks from people who never believed in her ability and today, the same people who once said she's poorly qualified for the job are singing her praises.

This article by the economist is a lesson to people who are under attack for no just reason. Just stay focus, don't be distracted and remain dedicated to whatever you are doing. When the result start flowing in, your worst enemy will turn around and acknowledge your competence.

see dis one dey take style do motivational talk to hype adeosun. tell dat to pipul wey dey sell dem children for bag of rice.

drss:
see dis one dey take style do motivational talk to hype adeosun. tell dat to pipul wey dey sell dem children for bag of rice.

Open your eyes of understanding

Sealeddeal:
Laughable!
Confused set of people looking for a way to credit themselves when there is none.
I will not blame Adeosun, I will blame Zombie and Islamic terrorists.

The thing really pained you

cktheluckyman:


Party politics apart you really believe Kemi Adeseoun is doing a good job? Are you for real?

she is not only doing a good job . She is doing wonderfully well

seunmsg:


Sincerely, she's doing a great job as finance minister.

Truly you have no shame!!

cktheluckyman:


Truly you have no shame!!

E pain am

seunmsg:


Sincerely, she's doing a great job as finance minister.

this is rather amazing.


i wonder from what angle u take your own assessment. there is nothing to point to for Madam Kemi to be seen as said. she may come out good later though

i mean, the Nigerian economy should as well speak for her competence, but with the abysmal economic movement it is hard to say she is doing a good job.

StepTwo:


this is rather amazing.


i wonder from what angle u take your own assessment. there is nothing to point to for Madam Kemi to be seen as said. she may come out good later though

i mean, the Nigerian economy should as well speak for her competence, but with the abysmal economic movement it is hard to say she is doing a good job.

Pls can you educate us on what kemi need to do to fix the economy?

cktheluckyman:

Truly you have no shame!!

Really? So, The Economist of UK have no shame as well right?

I always think about the economy. What ever prudence that is being imbibed by this administration is not been felt. Prices of every good and services has sky rocketed. The system is running rather too slow. Please if President Buhari is recovering and saving for the rainy day, I want to use this medium to tell him that the rains are here already. We can't wait.

seunmsg:


Really? So, The Economist of UK have no shame as well right?

The economics of UK are not feeling the harsh economic climate of Nigeria!! The hyper inflation and unstablecurrency!!! Kemi is one of the worst Finance ministers this country has ever had!!

sarrki:


Pls can you educate us on what kemi need to do to fix the economy?

she only needs to be a good finance minister to fix the economy.
i hope this answers your wry question

cktheluckyman:


The economics of UK are not feeling the harsh economic climate of Nigeria!! The hyper inflation and unstablecurrency!!! Kemi is one of the worst Finance ministers this country has ever had!!

Kemi is better than NOI, Soludo combined

cktheluckyman:

The economics of UK are not feeling the harsh economic climate of Nigeria!! The hyper inflation and unstablecurrency!!! Kemi is one of the worst Finance ministers this country has ever had!!

Is inflation targeting the responsibility of CBN or Finance ministry?

Blame Emefiele and his trial and error policies for the harsh inflation and not the finance ministry. Inflation targeting is handled under monetary policy and CBN is solely responsible.

StepTwo:



she only needs to be a good finance minister to fix the economy.

i hope this answers your wry question

Lolz .
You think it's that easy bro!!!
Our economy has been battered over the years
It will take a little while before it can be stable.
All the KPI shows we are moving in the right direction
What you need to do is to fasten your sit belt and enjoy the ride

cktheluckyman:


Party politics apart you really believe Kemi Adeseoun is doing a good job? Are you for real?

No, he's not for real. He is for fake. You that is for real, pray tell what you would do differently if you were to be a minister of Finance in a period of plummeted oil prices.

sarrki:


Kemi is better than NOI, Soludo combined

You lack respect to whom it is due. Continue.

sarrki:


Kemi is better than NOI, Soludo combined

You lack respect to whom it is due. Continue.

sarrki:


Kemi is better than NOI, Soludo combined

You lack respect to whom it is due. Continue.

she is good. While it is too early to judge Kemi Amosun, it is not for the ineffectual buffon GEJ who had 5 solid years to make an impact and fight corruption despite record high oil prices. We don't need a neo-liberal, capitalist magazine to tell us that

Erudite20:


You lack respect to whom it is due. Continue.

I can't respect one who sat and did nothing when the vultures were at work!!

seunmsg:


Is inflation targeting the responsibility of CBN or Finance ministry?

Blame Emefiele and his trial and error policies for the harsh inflation and not the finance ministry. Inflation targeting is handled under monetary policy and CBN is solely responsible.

Lolz ridiculous!! This is the most ridiculous shiti have read in a while!!b