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Dasukigate/Remitta: An insight into Nigeria’s economic problems

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Recent events in the country concerning how the former National Security Adviser [NSA], Col. Sambo Dasuki [above] diverted money meant for arms purchase from Central Bank of Nigeria (CBN) and the denial of both Governor of Central Bank, Godwin Emefiele and Accountant General of Federation [AGF], Idris Ahmed have revealed how the nation’s economy is being mismanaged by the so called technocrats.

At the ongoing investigative hearing of mismanagement and Abuse of Treasury Single Account (TSA) by Senate Joint Committees on Finance, Banking and other Financial institution and Public Account, there were shocking revelations of “deductions” of one percent fee as “service charge” by SystemSpec on all monies remitted with respect to the Treasury Single Account.

That again has revealed how our economy managers throw professionalism to dustbin in the act of managing the nation’s resources.

It is amazing how both the Governor of the Central Bank of Nigeria and the Accountant General of the Federation are blaming each other and avoiding taking responsibility for a transaction that was agreed with SystemSpec!

There obviously would have been a contract document signed between the government and the consultants (SystemSpec) that can be tendered as evidence between both parties!

Are both the CBN and the AG trying to tell us that the “contract” was signed “verbally”?

The fact that the CBN is the one using the software to mop up funds from the various agencies into a consolidated account (TSA) implies that it must have signed an agreement with the consultants!

Same CBN governor was reportedly emptying the nation’s treasury to the former NSA supposedly to fight Boko-Haram. Is Emefiele also claiming ignorance of diversion of fund meant to fight the insurgency?

On the other hand, Former Minister of Finance, Dr. Ngozi Okonjo-Iweala admitted ‎giving the former NSA $322 million on the orders of Former President Goodluck Jonathan.

Investigation has revealed that the $322 million is part of the recovered Abacha loots which was supposed to be used for infrastructure development across the federation. 

Before that, the same Okonjo-Iweala admitted spending $2B from the Excess Crude Oil account on the orders of the former President.

The Central Bank of Nigeria under Godwin Emefiele has admitted giving Sambo Dasuki billions of Naira and dollars on the orders of the former president.

A good part of these monies were given to Sambo Dasuki in cash in clear contravention of existing anti-money laundering laws by the country’s chief banker – Let us put the money laundering issue to the side for now. 

The problem with these “orders” from the former President to then finance minister and current CBN governor is that they were illegal.

Neither the President nor any other government official in Nigeria has the legal authority to order the spending of funds that have not been appropriated by the National Assembly.

Both subordinates knew or ought to know that the orders they were obeying were illegal and should have refused to comply. Resignation was an option.

Between these two subordinates, they cost the nation in excess of $5B by obeying the referenced illegal orders.

That is just what we know so far and this kind of behavior is going on at every level of government everyday.

There is no gain saying that the so called “Financial experts” may have thrown professionalism into the dustbin in order to satisfy political office holders in the country.

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