THE EROSION OF PUBLIC WEALTH: POLITICS AND KLEPTOCRACY IN NIGERIA, 1999-2023

Abstract

This study explores the pervasive issue of kleptocracy in Nigeria from 1999 to 2023, focusing on how political corruption has led to the squandering of the nation's vast resources. The primary problem addressed is the entrenchment of kleptocratic practices among Nigeria's political elite, which has severely hindered national development. The objectives of the study included examining the mechanisms of resource appropriation by political elites, understanding the socio-economic consequences of such practices, and assessing the effectiveness of anti-corruption measures. Utilizing a qualitative methodology that involved an analysis of secondary sources, including government reports, case studies, and academic literature, the research uncovered a deeply rooted culture of political corruption. The findings revealed significant socio-economic impacts, including increased poverty and inequality, weakened governance, and a tarnished international reputation. Despite numerous anti-corruption initiatives, the study concluded that addressing kleptocracy requires a multifaceted approach, emphasizing stronger legal frameworks, increased transparency, and robust enforcement of anti-corruption laws.