READ HOW FORMER GOVERNMENT OG NIGERIA OPERATED 700 BANK ACCOUNTS WITHOUT PROPER MONITORING

GEJ’S GOVT OPERATED MORE THAN 700 BANK ACCOUNTS.

 

 

Kemi Adeosun

According to Daily Times report

The Federal Government has revealed that former President Goodluck Jonathan administration had over 700 accounts in various commercial banks. Government explained that the multiplicity of operational bank accounts then made it impossible for the Jonathan administration to appropriately account for all income, even as they borrowed to fund projects.

 

Mr Babachir Lawal, the Secretary to the Government of the Federation said during a chat with senior editors of Daily Times Nigeria, that the immediate past administration borrowed at ridiculous rates to fund projects whereas revenues belonging to the federal government were stashed away in commercial bank accounts opened by civil servants. Lawal said that the Treasury Single Account (TSA), assist government in recovering national revenues hiding in over 700 bank accounts, most of them without the knowledge of the Accountant General of the Federation. “In many cases, the Central Bank of Nigeria (CBN) and the Accountant General of the Federation had different figures of what the federal government had, or where the monies were.” According to him, before the advent of the TSA, civil servants opened accounts with government revenues in commercial banks of their choice and constituted the signatories. He also said that revenues from Nigerian Customs Service and other agencies of government, including the NNPC were rarely captured in the federation account “Cost of governance was very high because the Jonathan administration was living on rents that came with huge costs and commissions. The TSA has taken care of the financial recklessness that characterized the past Jonathan  administration,” the SFG said. TSA, he further stressed, was set up to establish a single account for the federal government and eradicate meddlesome, which bred corruption. He explained that contrary to other opinions, the ministries, departments and agencies (MDAs) still receive their allocations and will spend according to their plans without interference. Lawal said the beauty of TSA stemmed from the fact that the ministry of finance now track and determine expenditures effectively before any fresh approvals. According to him, the discovery of the secret accounts and shutting them down boosted government revenue base, adding that in the coming months the efforts being made by President Muhammadu Buhari to return Nigeria back to the path of glory will begin to manifest.
Read more at: http://dailytimes.ng/gejs-govt-operated-700-bank-accounts/

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