A former Minister of State for Finance, Mr. Remi Babalola, on Tuesday explained why he left the cabinet of former President Goodluck Jonathan.

Babalola, in a paper presented at the 45th Annual Accountants Conference and 50th Anniversary celebration of the Institute of Chartered Accountants of Nigeria described the lack of transparency in the oil sector under Jonathan as alarming.

Babalola, who chaired the Federation Account Allocation Committee between 2007 and 2010, said he left the previous administration owing to mismanagement of the nation’s resources.

In his paper titled “Achieving the Nigeria of Our Dream: The Responsibility of Professional Accountants,” he urged the administration of President Muhammadu Buhari to confront the endemic corruption whole-heartedly in order to resolve the country’s mal-functionality.

He said, “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.

“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.

He wondered why it was difficult for the NNPC to compete with the likes of PETROBRAS of Brazil and PETRONAS of Malaysia.

“It is counter intuitive that we deliberately ensure that receipts and proceeds into the nation’s treasury are not accounted for.

“Such has been our contempt for process transparency that an incumbent governor of an operationally and legally independent central bank, who publicly alerted the nation, was forced out of a fixed tenure.

“Of course given its systemic importance to the economy, there is no justification for the state-owned oil sector monopoly (the NNPC) not to publicly publish its audited accounts and even quarterly accounts like all listed companies on the stock exchange,” he said.

Babalola, who is a Fellow of the Institute of Chartered Accountants of Nigeria, recommended public asset declaration for every principal officer in the executive arm of government from the president to the ministers, permanent secretaries, director-generals, and heads of parastatals and agencies.

The public asset declaration, according to him, had become necessary to curb the alarming rate of corruption in the country.

He also urged the Federal Government to ensure that the NNPC published its audited accounts quarterly like all listed companies on the Nigerian Stock Exchange.

On the Federal Government’s bailout programmes for the states, the former finance minister advised that it should be done in line with Section 41 of the Fiscal Responsibility Act.

“As good a gesture as the bailout is, it may lead to moral hazard as the states continue with financial recklessness leading to financial insolvency. Why are we borrowing to pay salaries in stark violation of Section 41 of the Fiscal Responsibility Act?” he queried.

He added, “Rescuing the states is a necessary gesture but how and on what terms? Each state should have been treated as an entity with peculiar conditionalities.

“A body like ICAN and other professional bodies should have been brought in as independent platform to assess and recommend terms and conditions for each state just like the situation in Greece.”
Babalola called for a higher level of advocacy in financial prudence and disclosure by professional accountants.

He charged professional accountants to display discipline, knowledge, ethics and integrity at all times.

“As professionals, we should be able to establish causal relationships in observed phenomena.

“The highlighted causes of the financial crisis and corporate governance scandals cannot but be traced directly or indirectly to professional accountants and financial reporting.”



http://saharareporters.com/2015/09/01/i-left-jonathan’s-govt-because-financial-mismanagement-–-ex-minister

Its no news that the previous administration dined and lived in corruption.... Imagine some hungry dudes ranting like goats on here trying to support a government that even its umbrella cant cover all the atrocities it committed.

This man is nothing but An Appointment Beggar Personee.. But, in fullness of time, APC won't give him any appointment

Well that one no concern me, all i know is:
BUHARI TILL»»»»»»»» 2023

efilefun:

Babalola, who chaired the Federation Account Allocation Committee between 2007 and 2010

He was appointed by Yaradua. Working with Yaradua is different from working with Gej.

Queennikky:
You see minister post for oga Jona time you d complain..... Now weh we no get any minister nko

Den dey chop minister? ... How d one wey una get before take affect ur lyf?

There is nothing new in what the man explained. The whole Nation knows that past administration was under the control of a Demon that sees no guilt in corruption. We witnessed a comical transformation agenda but thank God for sparing the life of Mai Ghaskiya for Nigeria.

All shall be well soon gradually

One by one all of you will begin to confess and confirm how clueless and corrupt GEJ government was!!!

GEJ Chief commander of Corruption and Irregularity.

Not again...

Why tell us now, well, good we still have some morally upright people, wish other members of the cabinet did same

#JustMakingCommonSense

begging for appointment

It is no news that Jonathan's government was marred with corruption, but we must also realize that some of these people accusing him ate in that administration.

They should stop telling us what we know.

You see minister post for oga Jona time you d complain..... Now weh we no get any minister nko

I hope he has some EVIDENCE that can be used to nail those who who were involved. Or else I don't see the need for this.

Sahara reporters o.

OpeQuadri:
It is no news that Jonathan's government was marred with corruption, but we must also realize that some of these people accusing him ate in that administration.

They should stop telling us what we know.

abi o

He is only looking for appointment.


Buhari come and take this man for minsterial appointment because he is the only one without any blemish of corruption from the South.


Sore loser

Coward! And you couldn't say it then abi. . .coded begging for new appointment. Oloshi.

OpeQuadri:
It is no news that Jonathan's government was marred with corruption, but we must also realize that some of these people accusing him ate in that administration.

They should stop telling us what we know.

I ask myself how saintly could he have become after soiling with the devil

Wailing Wailers will call this propaganda..

We already aware of d rot, d blind can see it

I don't want to hear about that Jonathan anymore jare. His name brings one kind of bad feeling.

Why speak out now

Mtchew
Mismanagement in your account...

Oga BuBu no dey look eye-service u never hearam?

.

Even the devil marvelled at the height of corruption in GEJ's government..

He was a reckless leader,who was hell bent on crippling Nigeria financially.