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Okonjo-Iweala Reveals How Buhari Can Effectively Tackle Corruption
|Okonjo-Iweala Reveals How Buhari Can Effectively Tackle Corruption by Flex: 12:00 am On October 17, 2017|
Okonjo-Iweala made this known during a panel discussion tagged, ”Fighting corruption” at the World Bank/IMF headquarters in Washington DC, United States of America (USA).
Reports have it that she noted that the introduction of technologies in the financial administration would help checkmate corrupt practices.
According to her,“In terms of the fight against corruption, incentives and institutions matter. My experience has been that people in one place are no more corrupt than the other; but if the institutions are not there or they are very weak, then the incentive to be corrupt is stronger.
“So, if you have a financial management system that is still cash-based, you open the door for people to manipulate or be able to intrude into the system.
She said: ”The bid stories about scandals about corruption are really what people want to read. But actually, fighting corruption and putting those systems in place are very ‘unsexy’; it takes time.
“When you say the government integrated financial management system, it is so boring; nobody wants to hear. But that is what needs to be done. So, that is my one mantra. I think it is all about strengthening institutions.
“Now, coming to the private sector; yes, the private sector is part of the problem; there is no doubt about it. The world economic forum estimated that bribery adds about 10 per cent to the cost of doing business. So, they are undoubtedly part of it.
”But I also want to say that the private sector is beginning to see that they are part of the solution, and that the world has changed. There are responsible private sector people and organisations that want to be part of the solution and part of that change.”
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