Title:
MONETIZATION POLICY, CORRUPTION AND PUBLIC SERVICE IN NIGERIA: CONFUSION AND REALITY

Authors:
Samson Olukayode Bamidele, Nigeria

Abstract:
No system of government is cost-free in the world. However, it was discovered over the years before President Olusegun Obasanjo’s administration that the cost of running the machinery of government had continued to escalate. The burden of providing basic amenities for public office holders contributed to a significant increase in government recurrent expenditure, leaving very little for much-needed capital development projects. The establishment of the monetization policy was therefore aimed at addressing this challenge. This study examined the impact of the monetization policy on the recurrent expenditure of the Federal Government. Furthermore, it analyzed the viability of the policy as a sustainable instrument for checking corrupt practices in the public service. The study adopted a mixed-method approach. Data were collected through a structured survey, while secondary data were sourced from government publications, textbooks, and internet materials. Rent-seeking theory was adopted to further explain the study. The findings revealed that the monetization policy reduced recurrent expenditure of government. However, its implementation was largely misdirected. The study concluded that meaningful reforms are required, including the institutionalization of an independent body capable of effective monitoring and evaluation.