IMF: OVER US$ 1 TRN PAID OUT IN BRIBES YEARLY

January 06, 2016 – The International Monetary Fund(IMF) today gave an insight into the level of corruption going on globally, noting that over US1trillion is paid out each year as bribe globally.

Managing Director of IMF, Ms. Christine Lagarde gave the insight while addressing members of the National Assembly in Abuja, during her 4-day working visit to Nigeria.
She noted that at the global level, ‘’it is estimated that the cost of corruption is equivalent to more than 5 percent of world GDP, with over US$ 1 trillion paid in bribes each year’’.

She acknowledged that in Nigeria, important initiatives to discourage graft are underway and that the development should be applauded.

She singled out the publication of monthly data on the finances and operations of the Nigerian National Petroleum Corporation(NNPC), stressing that it provides information on a key sector, building confidence in transparency, and improving accountability of oil revenues, for the benefit of all Nigerians.

She pointed out that much more can—and needs to be—done, stressing that fighting corruption is a multi-year, multi-generational struggle that must be won.

For her, Nigeria is looking ahead, while drawing strength from its assets—the richness and diversity of its culture, the ingenuity of its people, and the belief in a better future.

“Today policymakers have the opportunity to address near-term vulnerabilities and medium-term challenges—with resolve, resilience, and restraint. Today the “Giant of Africa” is walking with a spring in her step—inspiring others in the region and across the world”, she said.