Equal distribution of wealth will reduce poverty, corruption – LASU DVC

A Professor of Economics, Olufunsho Omobitan, has called on governments to distribute wealth equally and reduce unemployment to reduce poverty and corruption.

Omobitan, Deputy Vice-Chancellor (Academics), Lagos State University (LASU), made the call at LASU’s 97th Inaugural Lecture on Tuesday.

The inaugural lecture had the theme: “The Logic in Corruption and Development: Is Corruption Bad? Is Development Good? – Credence and Perception”.

Omobitan said that poverty and corruption were interrelated.

According to him, corruption determines poverty while poverty results in corruption.

“Policymakers, overtime, have been particularly interested in lowering poverty levels, and this is well pronounced in the sustainable development goals.

“Adequate machinery in terms of equal distribution of wealth, among others, will help to tackle the situation.

“Development should be seen as well-encompassing and should be the mission of policymakers.

“Thus, policymakers should engage in inclusive growth rather than growth for self-mission,” Omobitan said.

He added that decentralisation should be taken into consideration more.

He said that it would promote independence of local, state and national governments.

“The local governments are close to the masses and resources should be allocated directly to them.

“With this, each local government will be able to fix the needs in terms of socio-economic infrastructure,” Omobitan said.

He said that corruption was endemic and cut across nations.

“Sincerity, honesty and coming to the court of equity with clean hands are the basic options for having a corruption-free society, which can facilitate development,” he said.