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Abstract
This study investigates the effect of macro corrupt practice on the standard of living in Nigeria. The main objective of the study is to investigate the relationship between macro corrupt practices on the standard of living in Nigeria. The Ordinary Least Squares method was adopted to analyze the relationship between standard of living and macro corruption, purchasing power parity, inflation and federal government economic service capital expenditure and secondary data which spans from 1991 to 2020 from the Central Bank of Nigeria statistical bulletin for financial sector and World development index was extracted and utilized for empirical analysis. Some forms of pre-estimation tests were carried out in order to obtain satisfactory results. Such tests are the unit root test: test for stationarity, the co-integration test which tests for long run equilibrium relation between the variables of interest of this study. Both the long run and short run estimates (using error correction model), were obtained and interpretations were given according to the results obtained. From the long run result obtained it can be seen that all of the variables met with the apriori expectation as specified in chapter 3. The result shows: control of corruption (proxy for corruption) exhibited a inverse and significant impact on standard of living of Nigerians, purchasing power parity exhibited a negative and significant impact on the average standard of living, inflation exhibited a negative but insignificant impact on the standard of living of Nigerians, and federal government economic service capital expenditure has a positive relationship per capita GDP. The study recommended that the federal government should adopt measures to combat this evil called corruption. The federal government should strengthen intuitions such as the Economic Financial Crimes Commission, Independent Corrupt Practice and other relate offences Commission and the Failed Bank Commission.
