Accountability and Economic Development in Nigeria.

Abstract:

This study sought to examine the accountability and economic development in Nigeria. Specifically, the study determined the effect of accountability on the level of gross domestic product in Nigeria and evaluated the effect of accountability on the level of public capital expenditure in Nigeria. Ex-post facto research design was employed, and data was gathered from the World Development Index (WDI) and Central Bank of Nigeria (2014-2023). In order to evaluate the analysis, two hypotheses were tested using an auto-regressive distributed lag approach. The findings revealed that there is a significant negative correlation between accountability and GDP growth as well as public capital expenditures in Nigeria. The study therefore concluded that the only hope for economic development in Nigeria is the complete eradication of corruption at all levels. It was recommended that the immunity clause in the Nigerian constitution should be removed as ICPC and EFCC have become toothless bulldogs to bring to the public notice the financial crimes in the public offices. Similarly, strict policies are needed to curtail corruption practices in public offices. Corruption has denied the huge investments (GCF) and there is no corresponding positive effect on the Nigerian economic development.