The Plunderers and Challenges of Socio-Economic Development in Nigeria

Abstract

Developmental failure in Nigeria like many other developing nations of the world is attributable to plunderers who have taken over the nation’s administrative mechanism. Although Nigeria is richly blessed with substantial petroleum deposit and other natural resources, yet the nation is grossly underdeveloped. Therefore, the study identified the plunderers, examined the past and present efforts at tackling their activities; as well as analysed the effects of plundering of the nation’s economy on Nigerians and Nigeria. The study relied greatly on secondary source of data. The study revealed that Nigeria’s leaders are the number one plunderers, the Heads of State and Government, the Politicians and the Executives. Others are the Bureaucrats, the Bankers, the Insurance Brokers, the Lawyers and those in the areas of justice administration, the Press, the Religious Leaders and the Federal Ministries, Departments and Agencies (MDAs). Some of the anti-corruption agencies that have been put in place to checkmate the scourge of the economic and financial crimes in Nigeria at one time or the other include – Corrupt Practices Investigation Bureau, Code of Conduct Bureau, Code of Conduct Tribunal, and Public Complaints Commission. Others are the National Food and Drug Administration (NAFDAC); Standard Organization of Nigeria (SON), the Budget Monitoring and Price Intelligence Unit; the Independent Corrupt Practices and Other Related Offences Commission (ICPC) and the Economic and Financial Crimes Commission (EFCC). The consequences of economic and financial crimes on Nigerians and Nigeria are – increase in the cost of governance, increase in taxes and special levies on the citizens, borrowing and rising debt status of the nation. Corruption brings about inefficiency and negligence of essential services; injustice; poverty and citizens’ low quality of lives; income inequality; poor health services delivery; poor infrastructural facilities and welfare services and poor quality of education. The study concluded that until proactive measure is taking against the plunderers no meaningful development will be achieved in Nigeria.

Keywords: Plunderers, Caucus of Plunderers, Socio-Economic Development, Plea Bargain, Treasury Single Account