Misappropriation of funds under present administration alarming – Falae - See more

Former Secretary to the Government of the Federation, Chief Olu Falae says the rate at which public fund is being misappropriated under the present administration is alarming even as he insisted that the level of unaccountability in government circles is unprecedented in the history of the country. Falae Falae Chief Falae who spoke in Abuja on Wednesday during a session of the group known as the Credible Alternative Alliance (CAA) said the regrettable situation was being encouraged by the prevailing fiscal regime where government agencies and parastatles are allowed to operate accounts with commercial banks. According to him, the ideal thing would have been a situation where all funds meant for government agencies were lodged with the Central Bank of Nigeria (CBN) from where they will withdraw funds for their projects. “I am speaking from a position of knowledge because I have been there before and I know that it is possible to operate all these accounts under the CBN without any bottleneck as some people may want us to believe. What is happening now is that people will lodge huge sums belonging to government at various levels and after a time they will withdraw the interest which in most cases runs into billions of naira, to me that is part of corruption”.