Usman: Why treasury looting continues

The poor sanctions regime against those who steal funds in the public and private sector is the reason the crime would continue unabated, Minister of National Planning, Dr. Shamsudeen Usman, has said.He said so long as economic criminals merely spend a few days in police or EFCC cell even when it is obvious they stole money, pilfering won't stop in Nigeria.Usman said this yesterday in Lagos while addressing a world press conference alongside the Nigerian Economic Summit Group (NESG) team on the forthcoming 17th Nigerian Economic Summit slated for November 10 to 12 in Abuja.He however assured that the soon to be released transformation agenda of President Goodluck Jonathan, would address these concerns.'In all of societies, if you don't have control systems that catch and punish those who steal funds, they will continue to steal,' he said.'If people steal and spend a few days in police or EFCC cell and are released, they will continue to steal. These are part of the structural issues that would be addressed by the transformation agenda. We have to emphasise the rule of law, judicial system and the policing system. When you know that there is 99 percent chances you would be caught when you steal and 100 percent chances that you would go to jail, you won't steal,' the minister added.Speaking on Nigeria's GDP growth rate of 7.8 percent and the impact on the nation's economy, Usman said the impact isn't trickling down to ordinary Nigerians.According to him, unemployment and poverty are still huge and this is unacceptable adding that government is committed to building institutions that will create wealth in the country.Speaking on Economic Summit, he said it will create a suitable platform to showcase the abundant possibilities within Nigeria's economic system and the opportunities that exist to forge global partnerships between local and foreign investors.He said the theme, 'attracting foreign direct investment through global partnerships' is timely as it keys into the government focus on development.He said they are expecting participation from countries all over the world.
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