An assessment of the factors of economic and financial corruption by public officials in Nigeria

The endemic nature and global acknowledgment of economic and financial crimes in Nigeria perpetrated by corrupt political and public officials cannot be overemphasised. The effects of this on the socio-economic and sustainable development of Nigeria cannot equally be ignored. This study, therefore, focused on economic and financial corruption by public officials in Nigeria. It investigates the factors that encourage financial corruption among public officials in Nigeria as well as recommends what government should do to tackle the issue. The research question that guided the study is ‘What are the factors accountable for financial corruption in Nigeria’? (RQ1). The main instrument utilized in the study for data collection was a Microsoft questionnaire which was administered on 114 respondents. The study found that financial and economic corruption by public officials in Nigeria is an ultra-reality. It also found that the factors that contribute to financial and economic corruption among public officials in Nigeria include greed, lack of accountability, moral decadence, the influence of godfatherism, as well as financial inducements, the influence of external actors and international financial institutions, relative poverty, and societal and familial pressures. The study recommends that the government's efforts to end economic and financial crimes will remain a mirage if the immunity clause that is often abused by political leaders is not amended. It also recommends non-interference in the investigation and prosecution of cases by the anti-corruption agencies, and the judiciary.