Fomer Minister Confirms Jonathan's administration as the most corrupt.

Former Minister of State for Finance, Mr. Remi Babalola, yesterday described the Jonathan administration as the most corrupt.

He also declared that the N338 billion bailout of states by the Federal Government is illegal. He said the payment contravened the Fiscal Responsibility Act (2007).
Babalola stated this yesterday in Abuja during a paper presentation titled, “Achieving the Nigeria of Our Dream: The Responsibility of Professional Accountants”, at the opening of the 45th Annual Accountants Conference of the Institute of Chartered Accountants of Nigeria (ICAN). Babalola served the Jonathan administration, but resigned later.
The former minister said that he left office over alleged mismanagement of resources, just as he advised government to carry out the bailout programme to conform 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?
“Rescuing the states is a necessary gesture, but how and on what terms is ‘business as usual’? 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.”
He recalled drawing the nation’s attention to the parlous state of the Nigerian Natinoal Petroleum Corporation’s (NNPC) accounts five years ago, adding that many sympathisers feared for his life as it amounted to “stepping on a snake.