International Journal of Research and Innovation in Social Science (IJRISS) | Volume VI, Issue VIII, August 2022 | ISSN 2454–6186
Rent Extraction and Corruption in The Nigerian Public
Olajire Aremu Odunlade, Folajimi Festus Adegbie, Oluwatoyosi Tolulope Olurin
Department of Accounting, Babcock University, Ilisan-Remo Ogun State, Nigeria
Abstract: This study examined Rent Extraction and Corruption in the Nigerian Public sector. The research designed adopted was ex-post and descriptive survey. Questionnaire was administered to a sample size of 305 respondents with knowledge of underhand payment in the public sector in Nigeria. The study made use of both primary and secondary data. Primary data were collected through the use of questionnaire while the secondary data were obtained from government publications and the World Bank. Validity and Reliability of the secondary data were based on the reports of external auditors and other regulatory agencies. A Cronbach alpha of 0.823 was obtained for the validity and reliability of the questionnaire used to collect the primary data. The data were analyzed using descriptive and inferential statistical methods.
The results obtained showed that there is a statistical significant relationship between and Rent Extraction and Corruption in the Nigerian Public Sector (t = 0. 3.855, p<0.05).
RENTEXT (F 1, 304) = 14.860. The P-value associated with this F-value as shown in the significant column is 0.000, this is less than 0.05 indicating that there was significant relationship between the RENT EXTRACTION and CORRUPTION in the public sector in Nigeria. The correlation between the two variables, R = 0.216 while the Adj R2 = 0.043 the beta co-efficient of the independent variable, Corruption was 0.279 (β = 0.279). The t-value was 3.855 with a significant value of 0.0000 showing that there is a significant relationship between Rent Extraction and Corruption in the Nigerian Public Sector RENTEXT.
Keywords: Corruption, Rent Extraction, Public Sector, Fraud, Bribery
I. INTRODUCTION
One of the major constraints to economic growth and development in Nigeria is the level of corruption in the Public Sector. In spite of various anti-corruption Institutions established by the government, Nigeria continues to be one of the most corrupt nations in the world. Consequences of corruption in the country include low level of industrialization, high and rising level of unemployment, high and rising level of inflation and poverty and high level of insecurity. It is in the light of these that this study focused on Rent Extraction and Corruption in Nigeria.