More on the "Empty Treasury Syndrome"
As it happens concern about the looting of state treasuries continues with governor Sule Lamido of Jigawa state highlighting the fact that, according to him, most loans obtained by state governments from private Nigerian banks are fraudulent. The full story can be seen in today's This Day newspaper.
The governor also claimed that the fraud is perpetrated with the connivance of some of the banks and put forward two suggestions which, like suggestions in the last blog entry below, are directed at prevention in the first place and which are considered as also being generally supportable.
The first suggestion is that loans by private banks to state governments should be regulated (we add, subject to oversight) by the Central Bank of Nigeria and other appropriate financial institutions and authorities. The second suggestion is that the current constitutional immunity from prosecution enjoyed by governors while in office should be removed so that they are open to and face the threat of prosecution particularly, we add, for fraud/corruption while still in office. The governor's final suggestion is in terms of a challenge to two of the country's main anti-corruption bodies, the EFCC and the ICPC, to investigate the declaration of assets of governors when they assume office compared to their assets when they leave office. Indeed, declaration of assets upon assumption of office is a constitutional requirement and it is indeed a good idea in the fight against corruption to pursue outgoing governors for adequate explanations of gross favourable discrepancies in wealth between the times of their assuming and leaving office. In fairness, the EFCC is currently pursuing a similar course but arguably this needs a clearer statutory basis and stronger practical bite.
The governor also claimed that the fraud is perpetrated with the connivance of some of the banks and put forward two suggestions which, like suggestions in the last blog entry below, are directed at prevention in the first place and which are considered as also being generally supportable.
The first suggestion is that loans by private banks to state governments should be regulated (we add, subject to oversight) by the Central Bank of Nigeria and other appropriate financial institutions and authorities. The second suggestion is that the current constitutional immunity from prosecution enjoyed by governors while in office should be removed so that they are open to and face the threat of prosecution particularly, we add, for fraud/corruption while still in office. The governor's final suggestion is in terms of a challenge to two of the country's main anti-corruption bodies, the EFCC and the ICPC, to investigate the declaration of assets of governors when they assume office compared to their assets when they leave office. Indeed, declaration of assets upon assumption of office is a constitutional requirement and it is indeed a good idea in the fight against corruption to pursue outgoing governors for adequate explanations of gross favourable discrepancies in wealth between the times of their assuming and leaving office. In fairness, the EFCC is currently pursuing a similar course but arguably this needs a clearer statutory basis and stronger practical bite.
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