Compound Interest of Funds Spent on Security in Nigeria from 2012 to 2021 as a Result of Insecurity
Keywords:
Insecurity, economic development, national development, National Security and Compound interest.Abstract
This paper outlines the security challenge in Nigeria and its implications on
national growth and development. We collected data from National Bureau of
Statistics (NBS) annual report 2021, Central Bank of Nigeria (CBN) annual report 2021, and other relevant ministries, departments and agencies (MDA’s) on total
amount of money spent on security in Nigeria on yearly basis from 2012 to 2021 and the data was analyzed using compound interest method. The research result of this study revealed that Nigeria spent a compounded sum of N30,196,956,631,782 on security for the period of study under review. If this fund is channeled into educational, health and agricultural sectors, it would have taken care of poverty and unemployment which are the major causes of insecurity in Nigeria. This paper recommends that indigenous community policing should be encouraged and more job opportunities should as well be created as many Nigerians are unemployed and are dying of hungers.
