President Muhammadu Buhari said officials of the recent past government ignored all financial and administrative instructions put in place in parastatals and agencies, thereby throwing the country into huge debts.
He regretted that the lack of accountability and financial carelessness in the management of national resources which were the order of the day under the past administration have thrown the country into a situation that is worse than what happened in the Second Republic.
He assured that the days of insincerity in the management of national resources are over in the country with his inauguration.
A statement by his Special Adviser on Media and Publicity, Mr. Femi Adesina, quoted the President as making the submission at a closed-door meeting he had with state governors at the Presidential Villa, Abuja.
Buhari also vowed that funds stolen by government officials who abused their offices in the recent past will be recovered and systemic leakages stopped.
The president also expressed surprise that state governors had been tolerating the atrocities allegedly committed with the Excess Crude Account by the Federal Government since 2011.
He then promised to tackle the issue decisively.
The President also declared that the payment of national revenue into any account other than the Federation Account was an abuse of the constitution.
He added that what he heard was going on in many agencies and corporations, particularly the Nigerian National Petroleum Corporation was clearly illegal.
On the refund of monies spent on federal projects by state governments, Adesina said Buhari assured the governors that the Federal Government will pay, but insisted that due process must be followed.
The President also promised special assistance for the three North Eastern states badly affected by the Boko Haram insurgency.
He also said that a comprehensive statement on the economic and financial situation inherited by his administration will be made to the nation within the next four weeks.
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