ENDEMIC CORRUPTION AND ITS EFFECT

 Dishonesty for personal gain, use of authority for personal gain, depravity, and severe immorality are all examples of corruption (Usman, 2011). Public or private parties abusing their official positions and resources or exercising unauthorized political influence and power are examples of this term's use (Ogundiya, 2009). According to Lawal and Victor (2012), corruption is Nigeria's greatest threat to effective government, which has resulted in corrosive and persistent poverty among the population.

When new but illegal transactions are injected to affect the usual sequence of events, judgments and positions of trust are distorted as a result (Ojukwu & Shopeju, 2011). It involves the employment of informal, extra-legal, or criminal behaviors by both the doer and the receiver to expedite the process. Public discussions in Nigeria have lately focused on the rising prevalence of corruption in Nigeria and other emerging nations due to inadequate public finance planning and execution, which in turn reduces economic development in the country (Nwankwo, 2014).

 This widespread poverty and bad economic indicators have been connected to the country's pervasive corruption, which takes money that might have been spent in constructing wealth-generating infrastructure for its population. Additionally, political instability and bad oil management have contributed to a rise in graft and impunity.

In the 1970s and 1980s, the influx of income from crude oil inflated wasteful expenditure because of inaccurate income estimates. This resulted in a considerable rise in prices, hampered economic growth, and restricted other sector expansion.

 Since the commencement of oil exporting in the nation, some researchers believe that more than US$216.8 billion has been stolen from the state. Tax evasion, unlawful profit transfers by corporations, and corruption all contribute to the theft of governmental funds. It has been estimated that US$157 billion has been illegally transferred out of the nation during the last decade, according to the Global Financial Integrity (GFI). Nigeria is unable to accomplish its economic growth objectives because of this substantial income loss. Nigeria has been identified as the world's most corrupt nation, having been placed 177th out of 191 countries in 2014 World Bank 2014 Governance Report). There looked to be a lot of corruption in Nigeria. That's why there are negative economic impacts and a resource curse phenomena because of corruption. Bribery, nepotism, prejudice, poverty, a lack of political leadership, and a lack of education are all examples of corruption and social injustice.