The Federal Minister of Finance, Dr. Ngozi Okonjo Iweala has described electioneering and campaign finance as one of the biggest causes of corruption in Nigeria and Africa.
She made the statement whilst speaking at the Tedx Euston event in London over the weekend.
Her words: “One of the root causes of corruption in the continent is the way we finance or do not finance elections properly. We have adopted systems that demand that politicians’ campaign. Campaigns cost money. But where does that money come from?”
She commented that, “If we don’t find a legitimate means of supporting campaigns, then all sorts of ways are found to do this. It could be, by engaging business people who support an individual, a system or a party and then later on, they have to be rewarded through contracts or other means that may actually not help but undermine the economy and development.”
“Nigeria has not found an answer to this problem. It means we haven’t begun to have the kind of conversation we should have. If we don’t solve this problem, people will continue to find unorthodox means of financing their elections, of financing the implantation of democracy. And this very means may be the root of some of the corruption we do not want, which may totally affect the way we do business.”
“Corruption undermines development in Nigeria and the continent at large. It deprives us of resources with which we can fight poverty and create wealth for people.”
“When a public servant diverts resources from the state budget or national budget and siphons them abroad, removes them from doing the work and any good for the people. This is corruption on the part of the person embezzling public fund at home and also those receiving it abroad.”
“When people steal our mineral wealth, be it crude oil or other natural resources in any of our countries on the continent and they divert and send it abroad; that is corruption on the part of those stealing and receiving” she said.
Speaking on potential solutions to the problem of election finance, she proposed, “a certain percentage of each of our countries’ revenue to be dedicated to this purpose and that people need not run around to look for means and stress themselves to finance political parties or election campaigns, but that it is a legitimate public good that we have said we want in each country we want democracy. Therefore we must find a legitimate way to support this.”
She noted that “if we can use technology to solve our problems; if we can think and put together knowledge that puts us ahead, why can’t Africa be a leader in thinking and innovating legitimate ways on how to finance election? We have to take responsibility.”
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