BY JUDE OPARA, ABUJA
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
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”.
Also while presenting his statement, National Coordinator of CAA Dr. Damian Ogbonna accused successive administrations in the country of failing the people because of what he described as the insatiable urge for uncontrollable impunity which among other things encouraged corruption.
He said that the CAA was formed in an effort to answer to the yearnings of the people for a new way and new form of governance devoid of what he described as the current rampant impunity in government.
“Therefore CAA was formed to collectively defend and advance progressive, democratic and patriotic entities and ideals in our dear country against the reactionary tendencies of a rudderless and immensely corrupt governing system which is without principles, ideology or direction”.
The association also took a swipe at both the ruling Peoples Democratic Party (PDP) and the main opposition party the All Progressives Congress (APC) for allegedly being the failed government of the elite that pay lip services to issues that concern the common man.

http://www.vanguardngr.com/2014/10/misappropriation-funds-present-administration-alarming-falae/




The graft and looting going on in Nigeria now under the current administration is highly unprecedented. I'm happy that elder statesmen are coming out now to speak against it.

What an irony, someone on this forum yesterday was saying picking Falae as VP was the uppercut President Jona wants to use in giving the APC the final blow.

Anyone expecting any meaningful development in Nigeria with the current high misappropriation of public funds is deceiving his/herself.

Of course we can feel the impact of 'youths' like Dimeji Bankole, FFK, Maku, Jonathan, etc