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LequteMan
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According to former Minister of State for Finance, Mr. Remi Babalola, he left the former administration of ex President Goodluck Jonathan because it was fraught with impunity and mismanagement.
“Our culture of impunity is the bane of the entrenched corruption in our society. The value destruction and corruption undermine any economic development or social change we may aspire for our nation," a paper he presented at the 45th Annual Accountants Conference and 50th Anniversary celebration of the Institute of Chartered Accountants of Nigeria said.
“Mismanagement and misallocation of resources, coupled with an unprecedented level of corruption have been at their highest in the history of our nation in the last six years.
“Performance or success in public space was measured by the conversion rate of public funds into private accounts. It looks as if democracy has been substituted with kleptocracy.”
He recalled, drawing the attention of the nation to the parlous state of the Nigeria National Petroluem Corporation’s accounts five years ago, adding that many sympathisers feared for his life as it amounted to what he described as “stepping on a snake”.
He said, “I was unperturbed and unruffled but ready and willing to take a walk as a statement of intent that if they wanted to continue in that decadence of resource mismanagement, I was not going to be a part of it.”
The former minister decried the absence of transparency in the oil sector and the NNPC, regretting that the corporation’s core competence had been reduced to importing refined products and paying subsidies to bogus companies.
Babalola also chaired the Federation Account Allocation Committee between 2007 and 2010.
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Punch
“Our culture of impunity is the bane of the entrenched corruption in our society. The value destruction and corruption undermine any economic development or social change we may aspire for our nation," a paper he presented at the 45th Annual Accountants Conference and 50th Anniversary celebration of the Institute of Chartered Accountants of Nigeria said.
“Mismanagement and misallocation of resources, coupled with an unprecedented level of corruption have been at their highest in the history of our nation in the last six years.
“Performance or success in public space was measured by the conversion rate of public funds into private accounts. It looks as if democracy has been substituted with kleptocracy.”
He recalled, drawing the attention of the nation to the parlous state of the Nigeria National Petroluem Corporation’s accounts five years ago, adding that many sympathisers feared for his life as it amounted to what he described as “stepping on a snake”.
He said, “I was unperturbed and unruffled but ready and willing to take a walk as a statement of intent that if they wanted to continue in that decadence of resource mismanagement, I was not going to be a part of it.”
The former minister decried the absence of transparency in the oil sector and the NNPC, regretting that the corporation’s core competence had been reduced to importing refined products and paying subsidies to bogus companies.
Babalola also chaired the Federation Account Allocation Committee between 2007 and 2010.
Click here to read full story
Punch
