One of the most global concerns of the world in the 21 st century is corruption, which from all indices affects other aspects of life. However the level of participation differs from one country to another. In Nigeria, the level of perpetration with respect to leaders and policy makers, have become alarming. Hence the paper x-rayed the experience of Nigeria in the literature, exposing poor developmental performances, civil, ethnic and religious unrest, and the outright collapse of other viable sectors of the economy. This paper adopted the Political Economy approach as its theoretical framework to explain how endemic the issue has become within the Nigerian polity. It mirrored the involvement of leaders at the political level whether military or civilian, indicating: misappropriation, stealing, nepotism, favoritism, mediocrity, opportunism, god-fatherism as the fallout of the actions of these corrupt leaders. The work is qualitative in nature. The work concluded that corruption is not found within the leadership circle alone, but has eaten deep into the fabrics of the society, militating against development and good governance. The paper therefore recommended that the only way the circle of corruption can be broken is when society collectively reject and punish offenders with heavy sanctions such as total refund of the amount involved and outright banning of such persons from holding key societal positions. It also recommended that special programs aimed at teaching students the effects of corruption, and why it should be exterminated from our polity be structured as part of academic curriculum at all levels.