Vice President, Prof. Yemi Osinbajo, said on Monday that official corruption and privatization of public enterprises led to massive losses in public revenue.
Speaking while delivering a key speech at the 55th Annual Conference of the Nigerian Bar Association (NBA) in Abuja, Osinbajo said the penchant for graft was high in the country.
“Official corruption and privatization of public resources have caused massive losses in public revenue.
“Indeed the truth is stranger than fiction in this matter of corruption in the public service.
“Dysfunctional government bureaucracies, waste and misallocation of resources.
“A great deal of talent and enterprise that should focus on creativity and innovation is concentrated in wealth seeking activities,” he said.
Osinbajo also said that enforcing contracts and the general area of dispute resolution in the country were bugged down by ”judicial process that is slow, burdensome and notoriously open to dilatory tactics.
“Perhaps even more damaging to attracting investments is the largely and compelling narrative that Justice can be purchased.
“This is a major problem of perception in our justice system and of cause a major problem of bringing business in the country.
“Even local investment suffers when there is a sense that the Justice system can be compromised.”
Osinbajo said that it was absolutely important that we deal with the issue of integrity in our judicial system even as we deal with the overall question of corruption.